Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large U.S. fuel inventories and macroeconomic concerns.

Oil futures ticked higher early Thursday, steadying after setting back the previous session following data that showed a rise in product inventories that offset a fall in crude supplies.

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.

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.