Crude oil prices fell on Thursday after official data showed large increases in US gasoline inventories, sparking fears of weakening demand from the world's largest oil consumer as crude oil shipments rise around the world, Reuters reported.

The price of Brent crude oil fell 51 cents, or 0.8%, to $ 62.65 a barrel. The cost of US oil fell 53 cents, or 0.9%, to $ 59.24 per barrel.

While US crude oil inventories fell more than analysts predicted, gasoline inventories jumped sharply, including against expectations, the US Department of Energy said Wednesday.

Last week, oil inventories fell 3.5 million barrels to nearly 502 million barrels, while gasoline stocks rose 4 million barrels, contrary to expectations of a decline, to just over 230 million barrels as refineries ramped up production ahead of the summer season.

Meanwhile, supply is growing worldwide, and Russian production is increasing compared to the March average in the first days of April, traders say.

Iran could get some sanctions lifted and increased global supplies, while the US and other powers are in talks to reopen the nuclear deal that has nearly stopped Iranian oil from entering the market.

However, the International Monetary Fund said earlier this week that massive government spending to tackle the coronavirus pandemic could boost global growth to 6% this year - a pace not seen since the 1970s.

Higher rates of economic growth will increase the demand for oil and its products, contributing to the reduction of reserves.