London - Oil prices fell to a minimum since May on Tuesday, with Brent trading at around $ 44 a barrel, pressured by concerns that a long-awaited rebalancing of the market may take longer due to oversupply.
The Brent oil retreated $ 0.44, or 0.98 percent, to $ 44.28 a barrel at 10:03 (GMT). The US oil fell $ 0.64, or 1.48 percent, to $ 42.49 a barrel.
Brent is still up more than 60 percent from a minimum of 12 years met in January when the price reached $ 27, but the rally is running out amid signs that the oversupply will persist and as economic tensions raise concerns on the strength of demand for oil.
"Right now, there is much to be optimistic," said analyst Petromatrix Olivier Jakob, who cited the low margins of refineries likely will weigh on oil demand. "We'll have to wait a little longer for rebalancing."
One concern with the record production of oil by the Organization of Petroleum Exporting Countries (OPEC), an excess of refined products and signs of increased activity of oil rigs in the United States, even with low prices, also helped raise concerns on the offer.
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