The price of crude dropped on Thursday as official data revealed a substantial rise in U.S. gasoline stocks, fuelling fears of waning demand as global crude supplies increase.

Brent crude declined 51 cents, or 0.8%, to $62.65 a barrel, Reuters reports. U.S. oil dropped 53 cents, or 0.9%, to $59.24 a barrel.

Although crude oil stocks in the U.S. edged down more than analysts expected, there was a steep rise in gasoline inventories, according to data out on Wednesday by the U.S. Department of Energy.

Last week, oil inventories fell by 3.5 million barrels to close to 502 million, whilst gasoline stocks rose by 4 million barrels to reach slightly over 230 million barrels, as production is accelerated before the summer.

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

Simultaneously, supply is increasing worldwide, with Russian output rising from average levels seen last month in the initial few days of this month, according to traders.

In addition, the IMF said this week that the huge public spending to counter the impact of the coronavirus crisis could see global growth rise to 6% in 2021, a rate not seen since the 1970s, Reuters reports.

Increased economic growth would bolster demand for oil, helping to lower stockpiles.

ANZ Research said in a note: “A more positive macro backdrop is also likely to attract further investor interest in the sector,” echoing its stance that Brent crude will hit $75 a barrel in Q3.