Oil prices have fallen below $50 a barrel over worries of extending global oversupply and a slowdown in Chinese economic growth.

Brent crude slipped 5 cents at $49.19 a barrel, while the US crude increased 1 cent at $46.67, Reuters reported.

The International Energy Agency (IEA) said on Tuesday that growth in China may fall below 7% for the first time since the global financial crisis.

"Brent crude slipped 5 cents at $49.19 a barrel."

IEA added that oil demand growth in 2016 would slow and a potential increase in supply from Iran would contradict slowing output from the US, as well as other non-OPEC countries, which would keep the market oversupplied.

In 2014, the Organization of the Petroleum Exporting Countries (OPEC) dropped its policy of supporting prices by reducing output, instead opted to defend market share against higher-cost producers.

The US Energy Information Administration anticipated a decline in US shale production in November.

According to analysts, the American Petroleum Institute (API) and the EIA reports are expected to highlight an increase in crude stocks by 2.9 million barrels.