Oil dropped below $62 a barrel on Wednesday, failing to build on gains of more than 1 percent in the previous session as analysts said a recent rally in prices was overblown. “The lack of follow-through higher yesterday is a worry and there’s plenty of reason to be neutral here and observe carefully,” PVM Oil Associates director and technical analyst Robin Bieber said. Oil prices have risen more than 35 percent since hitting an almost six-year low of $45.19 in January, in a rally fueled by lower industry spending and falling rig counts in the United States. Benchmark Brent crude futures were down 83 cents at $61.70 by 0855 GMT (3.55 a.m. EST), having fallen more than $1 to $61.47 earlier in the session. U.S. crude traded at $52.93 a barrel, down 60 cents. “The contracts will look very fragile and accident-prone if one or two […]