Oil Prices Fall Back Below $50 As Economic Concerns Rise

Oil prices fell in early trading on Monday, pulled down by rising economic concerns in Asia and a related strengthening in the U.S. dollar, which makes fuel imports for countries using other currencies more expensive.

International Brent crude oil futures fell back below $50 per barrel, trading at $49.89 at 0127 GMT, down 65 cents, or 1.29 percent, from their last settlement.

U.S. West Texas Intermediate (WTI) crude was down 78 cents, or over 1.5 percent, at $48.29 a barrel.