Oil rally snaps on bearish IEA outlook, US crude below $51

Feb 10 (Reuters) – Crude oil futures extended their losses on Tuesday morning as bears returned to the market after the International Energy Agency (IEA) warned of more selloffs in the near term as global oil inventories continue to rise.

U.S. crude futures fell below $51 a barrel, heading for a test of the $50 support. By 10:33 a.m. ET (1533 GMT), it was down $1.90 at $50.96, after a session low at $50.79.

Benchmark Brent crude fell 95 cents to $57.39.

Oil prices had risen for three straight days prior to the IEA report.