Crude prices resume decline, on track for weekly loss

Crude prices fell on Thursday, on track for a weekly loss amid negative pressure after U.S. inventory buildup last week, stoking oversupply concerns. 

U.S. crude futures last traded at $47.79 a barrel, down from the opening of $48.13, with an intraday high at $48.45, and a low at $47.56. 

Crude's current decline comes amid selling pressures on the futures after the EIA report showed a large buildup in U.S. stockpiles last week, raising oversupply worries. 

U.S. inventory buildup reflects rising U.S. shale production, which forced prices down as OPEC's output cuts failed to limit supplies in the markets. 

OPEC opened the door for extending the output cuts to the second half of the year in order to support prices and achieve balance, but that wasn't enough as prices were pressured bu rising U.S. production.