05:05 AM EDT, 03/13/2025 (MT Newswires) -- Crude oil prices advanced early on Thursday following a report that U.S. gasoline inventories fell more than expected.

Brent crude gained 0.3% to US$71.18/barrel and West Texas Intermediate crude rose 0.3% to US$67.88/b at last look.

U.S. gasoline inventories fell 5.7 million barrels, more than analysts' expectations of a decrease of 1.9 million barrels, Reuters said in a Thursday report, citing the U.S. Energy Information Administration. Distillate stocks also dropped more than expected.

"Declining U.S. gasoline inventories raised expectations for a seasonal demand increase in spring, but concerns about the global economic impact of tariff wars weighed on the market," Reuters quoted Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, as saying.

U.S. President Donald Trump's focus on tariffs has raised concerns about a U.S. recession and rattled investors and consumers.

While worries about demand weakness permeated markets, recent firm global demand numbers offered some reassurance. "As of March 11, global oil demand averaged 102.2 million barrels per day, expanding 1.7 million barrels per day year-over-year and exceeding our projected increase for the month by 60,000 barrels per day," Reuters quoted JP Morgan analysts as saying.