Oil prices declined on Thursday after rallying for the previous two sessions.
Crude prices rose sharply on Wednesday as government data showed U.S. crude inventories had dropped for a consecutive sixth week.
The Energy Information Administration said in its weekly report on Wednesday that U.S. crude oil inventories fell 4.1 million barrels to 526.6 million in the week ending June 24.
Analysts said the oil prices decreased on Thursday as the inventory data spurred market speculation that the global surplus is easing.
Oil prices were under pressure by a stronger U.S. dollar on Thursday. The dollar index, which tracks the greenback against six major peers, was up 0.48 percent at 96.233 in late trading. A stronger U.S. dollar dented investor sentiment, which made the dollar-dominated oil less attractive for holders of other currencies.
The West Texas Intermediate for August delivery lost 1.55 U.S. dollars to settle at 48.33 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 0.93 U.S. dollars to close at 49.68 U.S. dollars a barrel on the London ICE Futures Exchange.
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