Picture used for illustrative purpose. File

Gulf Today Report 

Oil prices slipped on Thursday following an increase in US gasoline stocks, causing concerns about demand.

Brent crude eased 36 cents, or 0.6%, to $62.80 a barrel by 01:36 GMT while US Oil fell 38 cents, or 0.6%, to $59.39 a barrel.

The United States stocks dropped beyond analysts’ expectations while the gasoline inventories surged sharply above expectations too, according to the Department of Energy.

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Refiners are ramping up production before summer driving season.

"Refiners may want to pull back on the run rate a bit to keep gasoline storage from challenging the all-time record," said Bob Yawger, director of energy futures at Mizuho Securities.

According to International Monetary Fund, large public spending may lead to a 6% global growth increase this year.

Higher economic growth would boost demand for Oil and its products, helping to reduce stockpiles.