On Thursday, oil prices fell as worries about global economic slowdown-related demand growth eclipsed a forthcoming drop in supply due to Saudi Arabia's promised output reductions.

Brent crude slipped 0.3% to $76.74 per barrel meanwhile WTI dipped 0.3% at $72.32 per barrel.

On Wednesday, both benchmarks ended up slightly higher thanks to Saudi Arabia's pledges for significant output cuts, but price increases are still constrained by rising U.S. gasoline supplies and subpar Chinese export data.

Less demand yet a tighter supply forecast may maintain oil prices inside their wide range pattern that they have been in since the beginning of the year, with immediate resistance at the $80 mark for Brent crude.

Concerns about demand from the top oil consumer in the world were raised by a larger-than-anticipated increase in U.S. fuel stockpiles that was revealed on Wednesday. This was especially true given that Memorial Day weekend travel was anticipated to have increased.

The EIA reported on Wednesday that gasoline stockpiles increased by 2.7 million barrels for the week, exceeding expert expectations of an increase of 880,000 barrels.