OIL prices dipped below dollars-49 a barrel yesterday as the market dropped sharply for the second day following the release of new data that show crude supplies rising in the United States and demand growth slowing in China. Light sweet crude for June delivery fell dollars-1.91 to dollars-48.54 on the New York Mercantile Exchange. On London's International Petroleum Exchange, June Brent closed dollars-2.48 lower at dollars-48.48 a barrel.