Oil prices fell Friday on continuing concerns about oversupply. Oil prices have traded in a tight range in recent weeks, with U.S. prices pivoting around the psychologically key $60-a-barrel level. Forecasts that the global glut of crude oil is due to shrink, due to growing demand and a decline in drilling, have boosted prices from multiyear lows earlier this year. But some investors remain hesitant, especially because some U.S. companies say they can increase production if prices hold above $60. The U.S. oil price “has moved above the $61/bbl level three times since the beginning of May and failed to remain above this level,” said Dominick Chirichella, analyst at the Energy Management Institute, in a note. “This is likely to happen again.” Light, sweet crude for July delivery settled down 81 cents, or 1.3%, to $59.96 a barrel on the New York Mercantile Exchange. Despite back-to-back losses, crude still […]