Oil prices traded lower on a stronger U.S. dollar on concerns over the global oil oversupply. Market participants continued to eye this week's U.S. crude oil inventories data. According to the U.S. Energy Information Administration (EIA) on Wednesday, U.S. crude inventories increased by 0.96 million barrels to 488.2 million in the week to November 20. It was the ninth consecutive increase. Analysts had expected U.S. crude oil inventories to rise by 1.0 million barrels.

WTI crude oil for January delivery declined to $41.87 a barrel on the New York Mercantile Exchange.

Brent crude oil for January fell to $45.10 a barrel on ICE Futures Europe.