Oil prices fell this evening, weighed down by higher US stockpiles and a grim economic forecast released by the International Monetary Fund.
Crude reserves in the US, the world's top consumer, rose by 3.9 million barrels last week - above analysts expectations - according to the US Energy Information Administration.
US crude fell 26 cents to $48.29 a barrel, while London Brent crude traded down 39 cents to $49.43.
Slumping demand and the global economic crisis have sent crude prices tumbling from record highs of more than $147 a barrel, and lifted US crude oil inventories to fresh 19-year highs.
Meanwhile, top Libyan oil official Shokri Ghanem says OPEC is worried about oversupply in the oil market and wants members to comply fully with their output targets. The cartel last year agreed to a series of production cuts to help support crude oil prices.
A handful of OPEC members - Iran, Angola, Nigeria, Venezuela and Ecuador - are still pumping significantly more than their targets in March, according to a survey by the Reuters news agency.
