Prices had shot up earlier in the week because of fears over supply disruptions caused by a cyclone in the Arabian Sea.
Benchmark London Brent was selling at $70.34 per barrel, down $0.11, in mid-afternoon trading.
Each barrel of US light crude was fetching $65.43 per barrel, down $0.18, in late morning trading.
The Energy Information Administration in Washington said gasoline stocks increased by 3.5
