Crude prices dipped in early trading on Tuesday, with Brent falling back below USD 50 per barrel as economic concerns took centre stage with many analysts saying oil demand will stall later this year. International benchmark Brent crude oil futures were trading at USD 49.95 per barrel at 0030 GMT, down 15 cents from their last settlement. US West Texas Intermediate (WTI) crude futures were down 39 cents at USD 48.60 a barrel.

International benchmark Brent crude oil futures were trading at USD 49.95 per barrel at 0030 GMT, down 15 cents from their last settlement. US West Texas Intermediate (WTI) crude futures were down 39 cents at USD 48.60 a barrel.

Crude prices dipped in early trading on Tuesday, with Brent falling back below $50 per barrel as economic concerns took centre stage with many analysts saying oil demand will stall later this year. 

JPMorgan said it expected Brent and WTI to average $47.30 and $46.66 per barrel respectively this year and $56.75 a barrel for both in 2017. That's an increase of $2 each for 2016 and $1.75 a barrel for both benchmarks for 2017, compared with the bank's previous forecast. 

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