* Brent fell to January lows of under $50/barrel on Monday
* Analysts expect further price falls despite Tuesday's
rises
By Henning Gloystein
SINGAPORE, Aug 4 (Reuters) - Oil prices edged up in early
Asian trading on Tuesday following a 5 percent fall in the
previous session, as high global production and a weakening
economic outlook, especially in Asia, prompted analysts to warn
of further falls.
Oil output by the Organization of the Petroleum Exporting
Countries (OPEC) reached the highest monthly level in recent
history in July, and production could rise further if Iran
achieves a plan to raise output by 500,000 barrels per day (bpd)
as soon as sanctions are lifted. ID:nL5N10D01N
With U.S. production also near records, while China's
economy showed further signs of slowing, prices on Monday were
pulled down to within a few dollars of the six-year lows touched
at the start of the year, with Brent futures LCOc1 falling
below $50 per barrel for the first time since January
ID:nL3N10E1KE
Although prices edged up in early trading on Tuesday, with
Brent 37 cents higher at $49.89 a barrel by 0056 GMT and U.S.
crude prices up 30 cents up at $45.47 a barrel, analysts said
further price falls were expected.
"Crude oil is close to the low set earlier in the year,
which is now looking likely to be tested as early as this week,"
ANZ bank said in a note on Tuesday.
(Editing by Ed Davies)