Brent crude and WTI prices slipped on Tuesday after the International Energy Agency (IEA) warned that oil prices may decline as stocks continue to increase this year.
U.S. crude futures closed down $2.84, at $50.02 a barrel after hitting a session low of $49.91 a barrel. Brent crude fell about $2 to $56 a barrel, ending a three-day rally. The benchmark gained more than 9 percent last week, its biggest weekly rise since February 2011.
Oil stocks held by countries in the Organisation for Economic Cooperation and Development may come close to the all-time high of 2.83 billion barrels in the middle of 2015, said the IEA, which advises the West on energy policy.