Oil prices decline on high U.S. crude stockpile

NEW YORK, March 16 (Xinhua) -- Oil prices declined on Thursday after data showed high level of U.S. crude inventories.

The U.S. crude oil inventories posted its first weekly decline in 10 weeks, falling by 0.2 million barrels in the March 10 week to 528.2 million, but still up 7.3 percent from last year at this time, according to a weekly petroleum status report released by the country's Energy Information Administration on Wednesday.

Analysts said high U.S. inventories offset output cuts from the Organization of the Petroleum Exporting Countries, leaving investors worrying about lingering global crude glut.

The West Texas Intermediate for April Delivery erased 0.11 U.S. dollar to settle at 48.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 0.07 dollar to close at 51.74 dollars a barrel on the London ICE Futures Exchange.