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

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.