Oil declined in New York after failing to break through $50 a barrel on Wednesday amid concern that the global surplus will persist into next year. Futures fell as much as 1 percent after advancing 2.3 percent Wednesday to the highest close in more than three months. The market is set to remain oversupplied in 2017 and prices will stall at $55 a barrel as shale drillers get back to work, Goldman Sachs Group Inc.’s Head of Commodities Research Jeff Currie said. U.S. crude stockpiles shrank below 500 million barrels last week for the first time since January, according to government data. Oil has gained about 11 percent since the Organization of Petroleum Exporting Countries agreed last week to cut production for the first time in eight years. Some analysts have expressed doubt that the individual quotas for output — to be determined at an official meeting of the […]