Crude oil prices lost some ground in early Thursday trading after weaker-than-expected U.S. economic data offset looming supply-side pressures. Crude oil prices have spiked sharply this week amid concerns about chronic production challenges in Venezuela, national security issues in the Libyan oil belt and future challenges for Iranian oil exports. Markets cooled off somewhat after the U.S. Commerce Department released its latest estimate on growth in gross domestic product for the first quarter. According to the third estimate, U.S. GDP increased at an annual rate of 2 percent, down from the previous estimate of 2.2 percent. Fourth quarter GDP increased 2.9 percent. The downward revision to first quarter GDP comes amid looming global trade tensions that could […]