Oil prices dropped on Thursday morning, extending losses from Wednesday’s close to the lowest levels in more than a month, after U.S. data showed gasoline demand is faltering despite major inventory draws in recent weeks. As of 12:13 p.m. on Thursday, WTI Crude was trading down 1.04 percent at $41.11 and Brent Crude was down 1.33 percent on the day at $43.87. Both benchmarks hit earlier in the day their lowest level since the end of July, after the market found the latest U.S. implied gasoline figures as bearish. On Wednesday, the Energy Information Administration (EIA) reported a crude oil inventory draw of 9.4 million barrels for the week to August 28, driven by Hurricane Laura. However, the EIA report also showed that gasoline demand for the week ending August 28 was 8.786 million bpd, down from 9.161 million bpd for the prior week to August 21. Gasoline demand […]