Crude oil prices have fallen following a rise in US stockpile and stronger dollar value.
Brent dropped by 20 cents at $50.30 a barrel, while the US crude was just 5 cents lower at $46.20, Reuters reported.
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PetroMatrix managing director Olivier Jakob told Reuters that due to public holidays in the US and China the market was quietening down.
Jakob said: "We made a big move in flat prices, so we’re probably starting to stabilise."
US crude levels increased over three trading sessions to Monday’s close after falling to a six-one / two-year low of $37.75 a barrel early last week.
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Oil prices took a hit due to a stronger dollar, making the commodity expensive for other currency holders.
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By GlobalDataThe US Energy Information Administration’s data revealed that during the week to 28 August, US crude stocks gained 4.7 million barrels to 455.4 million.
The increase reflects in part the beginning of the refinery maintenance season, which is likely to weigh on prices.
