Oil on Tuesday hit its lowest since May, falling towards $44 a barrel, pressured by concerns that a long-awaited rebalancing of the market would be delayed due to excess supply. Brent crude is still up more than 60 percent from a 12-year low near $27 in January, but the rally has petered out on signs that the supply glut will persist and as economic jitters raised concern about the strength of oil demand. Global benchmark Brent LCOc1 was trading at $44.49 a barrel at 0900 GMT, down 23 cents. It fell to $44.28 intraday, the lowest since May 10. U.S. crude CLc1 was down 36 cents at $42.77, having fallen to its lowest since April earlier. “Right now, there […]