By Barani Krishnan

NEW YORK (Reuters) - Oil prices fell back on Thursday after an early rally on fears of storm damage to U.S. oil installations faded.

Brent, the global benchmark for oil, was down 20 cents, or 0.4 percent, at $48.17 a barrel by 10:33 a.m. EDT (1433 GMT) after hitting a one-week high at $49.84.

U.S. crude was up 30 cents, or 0.7 percent, at $45.39. It had risen more than $2 or 4 percent earlier.

Hurricane Joaquin, which strengthened into a powerful Category 3 storm and was moving over the Bahamas, could hit the New York City area on Tuesday as a less intense tropical storm, the U.S. National Hurricane Center said in its latest forecast.

With the forecast track still uncertain and Joaquin still days away near the Bahamas, energy firms said they were watching and preparing for the storm but not yet shutting any oil or other energy facilities.

(Additional reporting by Alex Lawler in London and Henning Gloystein; Editing by Frances Kerry)