Oil fell towards 50 dollars a barrel on Thursday, pressured by higher Nigerian output and concern about the economic outlook following Britain's vote to leave the European Union last week.

Investment bank Goldman Sachs says returning Nigerian supply will put pressure on prices. Brent crude was down about 50 cents to around 50.13 dollars per barrel. US crude also fell to around 49.4 dollars a barrel. Brent has risen by 85 percent since reaching a 12-year low in January. Nonetheless, analysts say the concern over a slowing economy, compounded by Britain's vote to leave the European Union, are weighing near-term.