Crude prices deepen losses after U.S. inventory buildup

Crude prices kept falling on Wednesday, on track for a weekly loss after the Energy Information Administration's report showed a large U.S. inventory buildup, heaping pressure on prices. 

U.S. crude futures last traded at $47.71 a barrel, down from the opening of $48.12, with a session-high at $48.21, and a low at $47.08. 

The Energy Information Administration released its report on U.S. crude stocks, showing a rise of 5 million barrels in the week ending March 17, after analysts expected a 1.9M buildup, and compared to the previous reading's 0.2M drop. 

The U.S. inventory buildup indicated rising U.S. shale production, in turn hurting prices on oversupply concerns after the failure of OPEC's production cuts to limit global supplies. 

On the other hand, the dollar stopped falling against a basket of currencies today, heaping pressure on prices, after markets shrugged off OPEC's hints at possible extension to the deal to cut output to the second half of the year.