Investing.com – Oil futures were sharply lower early Tuesday on global demand concerns.
Brent fell below $50 to trade off $1.08, or 2.16%, at $49.02 at 06:00 ET after a low of $48.85.
U.S. crude dropped below $48, shedding $1.28, or 2.61%, to $47.71.
Concerns of a global economic slowdown in the wake of Brexit continue to overhang the market.
Weekly American Petroleum Institute U.S. crude stockpile data are due out Wednesday.
These will be followed Thursday by official U.S. Energy Information Administration figures.
The dollar index was flat. A stronger dollar depresses demand for oil.