Oil prices extended losses on Tuesday as the Organization of the Petroleum Exporting Countries (OPEC) reported a rise in global crude stocks.

In its monthly report released on Tuesday, OPEC said that oil stocks in industrialized nations rose in January to stand 278 million barrels above the five-year average, with U.S. shale and other non-OPEC supply gaining.

Analysts said the data intensified market concerns over global supply glut, which weighed on the oil prices.

The West Texas Intermediate for April delivery dropped 0.68 U.S. dollars to settle at 47.72 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.45 dollar to close at 50.90 dollars a barrel on the London ICE Futures Exchange.