Oil falls back below $49 as glut, China concerns weigh

By Alex Lawler LONDON (Reuters) - Oil fell below $49 a barrel on Monday after its biggest two-day rally in six years last week, pressured by a supply glut and renewed concern about a hard landing for China's economy. "Volatility was high last week, so now we're seeing some retracement - $50 is proving to be a resistance level," said Olivier Jakob, analyst at Petromatrix, referring to Brent. China will release its official reading on August factory conditions on Tuesday, and economists polled by