UPDATE 7-Oil dips below $50, US dollar strengthens

                                
 * U.S. dollar rises, global stock markets weaken
                                
 * U.S. auto task force rejects GM, Chrysler turnaround plans
                                
 * Japan Feb industrial output falls 9.4 pct month/month
                                
 
                                
 (Updates prices, recasts)
                                
 By Joe Brock
                                
 LONDON, March 30 (Reuters) - Oil dipped below $50 a barrel
on Monday for the first time since March 19, pressured by a
stronger U.S. dollar and a slump on global stock markets.
                                
 The U.S. government's rejection of turnaround plans for
troubled automakers GM <GM.N> and Chrysler also dampened
investor sentiment and encouraged selling.
                                
 U.S. oil for May delivery <CLc1> fell $2.23 to $50.15 a
barrel by 1438 GMT, off an earlier low of $49.95. The contract
fell $1.96 to settle at $52.38 a barrel on Friday, pulling back
from Thursday's four-month high.
                                
 London Brent crude <LCOc1> fell $1.88 to $50.10 on Monday.
                                
 "Stock markets have taken a bit of a pounding, the dollar
has improved and the U.S. car industry news -- these have all
put a lot of pressure on oil markets this morning," said Rob
Montefusco, a trader at Sucden Financial in London.
                                
 European stock markets followed Asian shares lower on
Monday, while U.S. stock futures pointed downwards after the
Obama administration's autos task force rejected turnaround
plans for GM and Chrysler, raising the prospect of bankruptcies
that could further hurt the ailing U.S. economy. [ID:nSP426975]
                                
 This renewed spirit of risk aversion strengthened the U.S.
dollar, which rose against other major currencies on Monday,
adding downward pressure on oil prices. [USD/]
                                
 Oil has had a bullish first quarter of 2009, closing on
Friday some 17 percent higher than the start of the year, after
stock markets rallied and oil supplies were tightened as the
Organization of the Petroleum Exporting Countries (OPEC) curbed
exports.
                                
 
                                
 WEAK GLOBAL ECONOMY
                                
 However, the global economy remains weak, leaving analysts
sceptical over the longevity of oil's rally.
                                
 Industrial output from Japan, the world's No. 3 energy
consumer, fell by a greater-than-expected 9.4 percent in
February, as weak demand weighed on the country's economy.
[ID:nTKU103331]
                                
 The Organisation for Economic Cooperation and Development
(OECD) said on Sunday that unemployment rates were set to reach
double digits in many developing and advanced countries.
[ID:nLT15780]
                                
 However, analysts said any signs the U.S. economy was
stabilising offered some underlying support for oil, keeping
prices above the psychologically important $50 a barrel level.
                                
 President Barack Obama said in an interview published on
Sunday he saw "glimmers of stabilization" in some areas of the
U.S. economy, including pockets of the domestic housing market.
[nN29271448]
                                
 Leaders of the Group of 20 developed and developing nations
meet on April 2, with OPEC hoping it will agree measures to
shore up the global economy and bolster oil demand.
                                
 Gulf OPEC producers see an oil price of about $50 a barrel
as good enough for now given the global economic slowdown and
the seasonal fall in fuel demand, a senior Gulf OPEC delegate
said on Monday. [ID:nLP96943]
 (Editing by Anthony Barker)