While world markets are rattled by fears over Britain's possible exit from the European Union
It makes fuel imports for countries using other currencies more expensive
The retreat comes after US benchmark West Texas Intermediate last week hit an 11-month high
If it goes beyond that range, then it becomes a question," Sinha
Traders, however, expect a fresh boost for oil futures if there are new signs of tightening supplies
US commercial stocks fell much more than expected fanning talk that demand is improving in the world's biggest oil consumer
There was also a larger-than-expected drop in US crude inventories on Tuesday, indicating an easing of the global supply glut
Worries over attacks on Nigeria's oil industry, along with larger-than-expected drawdown in US inventories push prices up
Federal Reserve Chair Janet Yellen has indicated the US central bank will raise interest rates
However, gains were limited as producers increased their rig count as the commodity held around the key $50 level
The value of PE deals in the Middle East and North Africa fell 4% in 2015
In early 2016, oil prices had nosedived to around $27 from above $100 a barrel two years ago because of sudden supply glut.
A strong greenback makes it more expensive for countries using other currencies to import dollar-traded fuel, a potential knock on demand
Brent, US crude decline to $49.50, $49.41 a barrel, respectively on worries that higher prices boosting output
US oil inventories, which are near the highest in 80 years, dropped by 5.14 million barrels last week
Meanwhile, crude exports from Iraq's southern oil fields have fallen by more than 200,000 barrels per day (bpd) to around 3.15 million barrels so far in May
Gasoline stockpiles pointed to stronger demand ahead of the US summer driving season
US crude futures fell 26 cents to $48.15 a barrel
The oil for delivery in May traded lower by Rs 5.50, or 1.00%, to Rs 542.40 per 10 kg in 360 lots.
At the Multi Commodity Exchange, crude oil for delivery in May was trading higher by Rs 33, or 1.03%, to Rs 3,241 per barrel