Associated Press Oil stays below $50 in Asia over economic jitters

KUALA LUMPUR, Malaysia (AP) -- Oil prices edged up Tuesday in Asia but remained below $50 a barrel as fears of a major automaker bankruptcy in the U.S. sparked renewed jitters over the global economy.

Benchmark crude for May delivery rose 71 cents to $49.12 by midday in Asian electronic trading on the New York Mercantile Exchange. The contract fell more than 7.6 percent, or $3.97, to settle at $48.41 on Monday.

Traders said the White House's move on Monday to refuse further long-term federal bailouts for General Motors Corp. and Chrysler cast a cloud over the struggling auto industry and raised concerns for the overall economy.

"A possible bankruptcy threatening GM and Chrysler caused the stock market to tumble and worries about the economy have returned to the forefront," said Victor Shum, an energy analyst at consultancy Purvin & Gertz in Singapore. more...