Oil prices fell sharply back below 50 dollars a barrel on Monday as analysts worry the upcoming OPEC producer talks in September would not succeed in reining in oversupply.

US West Texas Intermediate crude was traded down 2.59 percent to 47.84 dollars per barrel. Brent crude futures were down 2.85 percent to 49.43 dollars per barrel.

Members of the OPEC and other producers like Russia are set to meet in September to discuss a freeze in output levels, but analysts say such an agreement is highly unlikely as there are too many headwinds and logistical challenges.

China's July exports of diesel and gasoline soared by 182 and 145 percent respectively compared with the same month last year, also putting pressure on the global oil market.