Oil prices have declined due to rising economic concerns in Europe and Asia, as well as a strong US dollar.
Brent crude oil futures edged down 51¢ to $50.03 per barrel, while the US crude fell 61¢ at $48.46 a barrel, Reuters reported.
Go deeper with GlobalData
A 1.2% rise in dollar will make fuel imports more expensive for countries using other currencies.
Commerzbank analyst Carsten Fritsch told the news agency: "A marked increase in risk aversion, as evidenced in falling stock markets and an appreciating US dollar, is responsible for the latest losses."
The rise in dollar was due to the prospect of a potential hike in US interest rates, and concerns over the Asian economy and that Great Britain will vote to leave the European Union later this month.
Worries about faltering growth in China also led to a decrease in oil prices.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe European Central Bank said the decline would add less to global growth than thought previously.
The China Association of Automobile Manufacturers said that the country’s vehicle sales increased 9.8% to 2.1 million units last month.
Data from Baker Hughes revealed that the number of rigs drilling for oil in the US increased by three in the week ended 10 June.
