Oil prices were rising in early trade on signs of strong U.S. demand and Fed Chair Jerome Powell saying the impact of tariffs on inflation would likely be temporary.

Brent crude and WTI were both up 0.7% at $71.26 and $67.37 a barrel, respectively.

“U.S. gasoline inventories have fallen for three consecutive weeks. They’re now the lowest since early January,” ING analysts said.