Oil headed down again on oversupply fears 

An oil well is pictured at sunrise in the Bakken oil fields near Sidney, Montana in this November 2014 handout photo. The Smithsonian Channel TV show “Boomtowners” tells the stories of some of the thousands of people who relocate to rural North Dakota for a fresh start in the oil boom, where roughly 1.2 million barrels of crude are extracted each day. REUTERS/Smithsonian Channel/Handout via Reuters ATTENTION EDITORS - NO SALES. NO ARCHIVES. FOR EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNS. THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. IT IS DISTRIBUTED, EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE
An oil well is pictured at sunrise in the Bakken oil fields near Sidney, Montana. REUTERS/Smithsonian Channel

Grant Smith

(Bloomberg) — Oil fell in New York, curbing eight weeks of gains, amid speculation that an oversupply will persist.

West Texas Intermediate slid as much as 52 cents to $58.87 a barrel. Brent fell as much as 61 cents in London, heading for its third daily decline. The two grades rose earlier in the day.

An excess of physical oil from suppliers in the Atlantic may curb rallies, according to Morgan Stanley, Societe Generale SA and Barclays Plc. Prices rallied this year as U.S. rig counts plunged 55 percent. WTI slid 21 cents to $59.17 a barrel at 11:19 a.m. London time on the New York Mercantile Exchange. Brent fell 22 cents to $65.11 in the ICE Futures Europe exchange.

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