Crude oil prices closed lower in futures market on Thursday, as traders focused on the persistent oversupply of crude in the global market that has weighed on prices in recent years.

Light sweet crude oil (WTI) futures lost 0.34 dollar or 0.71 percent to close at USD 47.70 a barrel at the New York-based commodity exchange NYMEX.

Brent crude oil futures lost 0.08 dollar or 0.16 percent to close at USD 50.56 a barrel at NYMEX. WTI-Brent spread was stable on Mar-2017.

Natural gas futures remained flat at 3.131 a gallon at the NYMEX. RBOB gasoline futures remained flat at 1.601 a gallon at the NYMEX.

In refined products, RBOB heating oil futures remained flat at 1.497 a gallon at the NYMEX.