Oil Sheds 2% Amid Indications Of Fragile Demand

Crude oil prices hit a three-week low on Thursday, trading down over 2.5% amid a significant uptick in gasoline inventories and continued fears of recession countering demand growth. At 1:15 p.m. EST on Thursday, Brent crude had shed 1.99%, trading at $81.47 per barrel, just above the resistance mark of $80. West Texas Intermediate (WTI) was trading down 1.92%, at $77.64 per barrel. Oil price gains from a rally in the first week of March, when OPEC+ announced surprise oil output cuts, have now been erased. Last week’s U.S. labor data has…