Oil prices extended losses on Thursday as rising US crude inventories intensified concerns about market oversupply.

The US Energy Information Administration (EIA) said on Wednesday that the country's crude inventories climbed by almost 5 million barrels to 533.1 million last week, far outpacing forecasts for an increase of 2.8 million, Xinhua news agency reported.

Analysts said the rising output also weighed on the production reduction by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies.

The West Texas Intermediate for May Delivery erased $0.34 to settle at $47.70 a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased $0.08 to close at $50.56 a barrel on the London ICE Futures Exchange.