Oil fell on Thursday, dipping back toward 12-year lows on persistent concerns about a supply overhang and the outlook for demand. Oil futures dropped to their lowest levels since 2003 this week as investors worry that a glut of crude is combining with slowing demand due to economic weakness, especially in China. International benchmark Brent was down 17 cents at $27.71 a barrel by 1052 GMT. Brent has lost 26 percent so far in January, on track for its biggest monthly fall since 2008. Front-month West Texas Intermediate (WTI) crude futures traded at $28.17 per barrel, down 18 cents from their previous close. Broad market sentiment remained bearish as producers around the world pump 1 million to 2 million barrels of crude every day in excess of […]