Oil prices were mixed in Asian trade today after a sharp drop in US share prices reignited fears about the slumping economy and its impact on energy demand.
New York's main oil futures contract, light sweet crude for delivery in May, eased 20 cents to $45.68 a barrel. The contract lost almost 9% in US trade yesterday.
Brent North Sea crude for June delivery was up five cents to $49.91. Analysts said prices were adjusting in order to more accurately reflect existing conditions in the oil market.
"It's a correction wiping out gains which didn't seem in line with supply and demand fundamentals," said Antoine Halff, vice president of NewEdge Group.
The global downturn has weakened energy demand and pulled down oil prices from peaks of more than $147 a barrel last year.
The oil minister of the United Arab Emirates said Monday that crude at $50 a barrel would help bolster the global economy, according to the official WAM news agency.
The United Arab Emirates is the world's ninth-largest oil producer.
