Dhaka, March 13 -- Oil prices slipped on Thursday after a surge in the previous session on a larger-than-expected draw in US gasoline stocks, as markets weighed macroeconomic concerns against firm near-term demand.

Brent futures fell 5.0 cents to $70.9 a barrel by 0426 GMT, while US West Texas Intermediate crude futures shed 10 cents to $67.58 a barrel.

Both benchmarks rallied about 2.0 per cent on Wednesday as US government data showed tighter-than-expected oil and fuel inventories, as per a Reuters report.

US gasoline inventories fell by 5.7 million barrels, more than the 1.9 million-barrel draw expected by analysts, while distillate stocks also dropped more than anticipated - despite gains in crude stocks.

"Declining US gasoline in...