Oil futures finished lower Thursday, with U.S. prices logging their first loss in three sessions as pressure from strength in the U.S. dollar outweighed support from recent data showing sizable weekly declines in crude supplies and production.

The U.S. dollar strengthened against most currency rivals Thursday in the wake of upbeat U.S. GDP data, weighing on dollar-denominated oil prices.

West Texas Intermediate crude for September delivery shed 27 cents, or 0.6%, to settle at $48.52 a barrel on the New York Mercantile Exchange. September Brent crude on the ICE Futures exchange lost 7 cents, or 0.1%, to $53.31 a barrel after a modest rise a day earlier.

WTI prices had posted gains over the past two sessions. On Wednesday, they jumped 1.7% for their second-biggest one-day percentage gain of July. They were still poised for a weekly gain following Wednesday’s spike on news of weekly declines in both U.S. crude production and inventories. But traders were “not impressed” Thursday, as the “rally in crude oil didn’t have any follow through,” said Taki Tsaklanos, head of research at Secular Investor. “Next to that, a surging U.S. dollar is putting pressure on all commodities,” he said. “The dollar is back above its important 50-day moving average since early July, and traders continue to take long positions in the dollar.”

The U.S. Energy Information Administration on Wednesday said oil production in the lower 48 states for the week ended July 24 fell by 151,000 barrels in the latest week to total 8.95 million barrels a day. “This was the most pronounced drop in production in recent years, leaving brief weather-related production outages out of the equation,” said Commerzbank commodity analysts in a note Thursday. “Because the decline in production was not attributable to such special factors, it could prove sustainable.”

Analysts Cowen and Co. referred the production decline as “meaningful” and said it brings a “semblance of hope the U.S. oil market can balance itself before refinery maintenance in the Fall.” Data from the EIA on Wednesday also showed a decline in gasoline supplies that was close to market expectations, and a climb in distillate stockpiles that was above expectations.