Crude oil prices in Asia fell below $80 a barrel Thursday as euphoria over the unexpected drawdown of weekly U.S. crude stockpiles wore off.

Oil prices were "bullish at first glance, mainly due to the unexpected crude draw," analysts at Societe Generale said in a note to investors. "However, after analysis, it looks more neutral. Even after the draw, crude stocks remained very high."

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $79.71 a barrel at 0641 GMT, down 69 cents in the Globex electronic session. December Brent crude on Londons ICE Futures exchange fell 70 cents to $78.19 a barrel.

The U.S. Energy Information Administration reported overnight that crude inventories fell by 3.9 million barrels last week. Analysts polled by Dow Jones had unanimously expected a rise.

"Although a cursory view of this mornings EIA stats would suggest a bullish report...the plunge in crude imports is still a bit mysterious," said Jim Ritterbusch, president of Ritterbusch & Associates, in a note to subscribers. "Some cargoes are staying offshore due to limited refiner buying interest."

"U.S. suppliers of crude oil have apparently lost our address," said analysts led by Stephen Schork in a note. "We have little doubt that the trifecta of weak demand--as evidenced by poor refinery economics in the last half of September, first half of October--as well as the flattening in the forward curve and strong domestic production reduced demand for foreign oil."

Crude prices are now trading near their upper limit, according to Ken Hasewaga, commodity derivative sales manager at Newedge Japan. "I dont think this market can go any higher without new bullish factors."

Oil prices will likely trade in the range of between $75 and $82 a barrel this week, he added.

Nymex reformulated gasoline blendstock for December--the benchmark gasoline contract--fell 187 points to 199.40 cents a gallon, while December heating oil traded at 207.16 cents, 186 points lower.

ICE gasoil for November changed hands at $634.75 a metric ton, down $6.25 from Wednesdays settlement.