Oil fell in New York and London , extending losses from the lowest close in more than five and a half years as OPEC nations predicted the global surplus will persist and U.S. stockpiles were forecast to rise. Futures dropped as much as 1.9 percent in New York. Crude stockpiles in the U.S. probably expanded further above seasonal levels last week, a Bloomberg News survey showed before a government report today. Prices may recover only when demand improves later this year, Ali Al Yabhouni, the United Arab Emirates ’ governor to OPEC, said yesterday. Oil slumped almost 50 percent last year, the most since the 2008 financial crisis, as the Organization of Petroleum Exporting Countries resisted calls to cut production even as the U.S. pumped at the fastest rate in more than three decades. WTI briefly traded higher than Brent yesterday for the first time since July 2013, a […]