Oil prices drop on weak demand and rising inventories.

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. Last week’s U.S. labor data has continued to put downward pressure on oil prices, with new numbers showing a gradual slowing of the labor market. This, combined with repeated indications from the Federal Reserve that there will be one more rate hike in May because the pause button is pushed has markets nervous.