As concerns over gasoline consumption overshadowed an OPEC+ decision to sustain oil output restrictions, keeping supply tight, oil prices dropped by roughly 2% on Thursday, adding to the nearly 6% losses from the previous day.

Brent futures muted at $1.74, or 2.03%, per barrel, while U.S. West Texas Intermediate crude futures edged down by $1.91, or 2.3% at $82.31 per barrel.

According to Dennis Kissler, senior vice president of trading at BOK Financial, investors are concerned that the peak in fuel demand has already passed.

Government figures on Wednesday indicated a dramatic fall in gasoline demand in the United States. Last week saw the lowest level of finished motor gasoline supply—a proxy for demand—since the year's beginning.

On the assumption that a Russian fuel export embargo put in place last month would be shortly overturned and supply disruptions would be less severe than markets had anticipated, U.S. heating oil futures plummeted more than 5%.

According to data released on Wednesday, the euro zone's economy probably contracted last quarter as the U.S. services sector stalled.