Oil eases further below $50 on oversupply, China concern

Oil eased further below $50 a barrel on Wednesday, falling for a third day, on concern a supply glut will persist and demand slow down as economic growth moderates in No. 2 consumer China. The International Energy Agency (IEA) said on Tuesday the oil market would remain oversupplied in 2016. "Prices should remain low," said Daniel Ang, an investment analyst at Phillip Futures.