Oil prices remained steady below $72 a barrel after falling 3.7% the previous day aided by higher crude stockpiles.

For October delivery US crude dropped 3¢ to stand at $71.89 a barrel by 00.41 GMT, reports Reuters.

Data from the American Petroleum Institute revealed crude stockpiles rose 4.8 million barrels last week, while petrol dropped 589,000 barrels and distillates fell by 1.9 million barrels.