US gasoline stocks fell last week by 1.5 million barrels, near analysts' expectations in a Reuters poll for a 1.3 million-barrel drop, EIA data showed.

Stocks in the densely-populated US East Coast region however rose by 714,000 barrels, despite a devastating fire at the 335,000 barrel per day (bpd) Philadelphia Energy Solutions refinery on June 21.

Gasoline exports from Europe to the US East Coast continued to rise, reaching a total of around 1.14 million tonnes for loading in the first half of July so far, according to shipping data.

The July volume represents an almost 40pc increase from the previous three months, according to the data.