Crude oil prices settled lower in futures market on Thursday amid deteriorating gasoline futures and a higher dollar in the wake of the European Central Bank's latest interest rate decision.

Light sweet crude oil (WTI) futures fell 0.65 dollar or 1.31 percent to close at USD 48.97 a barrel at the New York-based commodity exchange NYMEX.

Brent crude oil futures lost 0.38 dollar or 0.73 percent to close at USD 51.44 a barrel at NYMEX. WTI-Brent spread was stable on Apr-2017.

Natural gas futures remained flat at 3.239 a gallon at the NYMEX. RBOB gasoline futures remained flat at 1.554 a gallon at the NYMEX.

In refined products, RBOB heating oil futures remained flat at 1.512 a gallon at the NYMEX.