Oil prices fell on Monday even as OPEC forecast a further tightening of supplies, as traders focused instead on turbulence across financial markets.
The Organization of the Petroleum Exporting Countries, whose 13 members together pump out about one-third of the world's crude, said Monday that a global supply glut was likely to shrink further, leading to greater balance between supplies and demand of oil.
Around 1145 GMT, Brent North Sea crude for delivery in August was down 44 cents at $50.10 a barrel.
US benchmark West Texas Intermediate for July delivery fell 50 cents to $48.57 a barrel compared with Friday's close.