As worries Looms of slowing global oil demand grew in the wake of softening U.S. economic statistics and an increase in petrol stocks

On Thursday, amid worries about a recession. Both Crude benchmarks fell more than 2 percent to their cheapest level since late March.

Oil Prices demand forecast

As investors tried to predict if United States gasoline demand would rise in the lead up to the summers driving season.

According to National Australia Bank (OTC:NABZY) analysts. The short-term volatility of the oil price is related to market positioning before future interest rate increases.

As refinery runs and exports increased last week and petrol inventories unexpectedly increased due to weak demand, U.S. crude oil inventories decreased more than expected

US demand

US demand