Data from the US Energy Information Administration was "disappointing across the board" with a moderate draw in crude stockpiles but a surprising build in gasoline stocks, Houston energy consultant Andy Lipow told AFP.
The US benchmark West Texas Intermediate (WTI) for August delivery fell 72 cents to $49.13 a barrel on the New York Mercantile Exchange.
In London, Brent North Sea crude for August delivery shed 74 cents to settle at $49.88 a barrel.
US gasoline reserves stood at 237.6 million barrels in the week to June 16, the Department of Energy said in its weekly petroleum reserves report, up 0.1 percent from the previous week and 8.8 percent higher than the same period last year. The summer driving season is approaching its peak in the United States.
Like financial markets, the oil market is anxiously awaiting the outcome of Britain's referendum on Thursday on whether to leave or remain in the European Union.
US stocks fell in afternoon trading after a poll showed the "Leave" camp had pulled slightly ahead.
Oil prices have rallied back to the $50 range since tumbling to near $25 a barrel in February, as supply disruptions in Canada and Nigeria have eased concerns about a global supply glut. (Uu.A026) Â Â Â Â Â Â
Editor: Maryati
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