Oil prices declined for a second day on Thursday after large builds in fuel inventories in the U.S., the world's biggest oil user, though expectations for increasing winter fuel demand and concerns over tighter supply limited the drop.

Brent crude was down around 1.2 per cent to $76.16/bbl, while US West Texas Intermediate crude fell around, or 1.05 per cent, to $73.47/bbl

The change in gas prices, however, may boost earnings by as much as $400 million for the quarter, the company said..

Oil futures settled with a loss on Wednesday after the U.S. Energy Information Administration reported that commercial crude inventories fell for a seventh straight week, but gasoline and distillate stockpiles climbed by more than 6 million barrels each.

Oil prices fell on Thursday, extending losses from the previous day, pressured by large builds in U.S. fuel inventories last week, though concerns over tighter supplies from OPEC members and Russia capped the decline.