Oil prices were lower in Asian trade on Friday, below USD 50 a barrel, after posting modest overnight gains, with the economic downturn remaining a concern for investors.
New York's main futures contract, light sweet crude for June, fell 32 cents to USD 49.30 a barrel, while Brent North Sea crude for delivery in June was down 43 cents to USD 49.68.
Analysts said the market will remain volatile as countries worldwide seek a way out of the economic slump, which has weakened energy demand and pulled down oil prices.
The International Monetary Fund on Wednesday forecast a severe global contraction this year, sharply downgrading its already bleak outlook from earlier in the year.
It projected the global economy would shrink 1.3 percent in 2009, saying the financial crisis was proving more entrenched than expected.
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