
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.