Oil prices fell towards $58 a barrel on Wednesday as industry data showed a larger-than-expected weekly increase in U.S. stockpiles and as Saudi Arabia reported record output in March. The decline in prices followed a rally on Tuesday, when U.S. crude approached 2015 highs following strong jobs data and government forecasts for lower U.S. crude production growth and higher global demand for oil. “We’re going to need to see a very big uptick in demand to offset that supply,” Ben Le Brun, analyst at OptionsXpress in Sydney, said. “There is a glut of supply in oil at the moment.” Brent May crude LCOc1 was down $1.03 at $58.07 a barrel by 0816 GMT and U.S. May crude CLc1 dropped $1.33 to $52.65 a barrel. Both benchmarks posted strong gains in the past two sessions but are still down about 50 percent since June last year, when […]