Crude Oil Falls on Concern Recent Rally Will Prolong Glut

Crude oil slid on concern a recent rally will spur producers to resume drilling, prolonging an oversupplied market.

West Texas Intermediate for June delivery declined 92 cents to $58.96 a barrel at 9:05 a.m. on the New York Mercantile Exchange.

Brent for July settlement slid 81 cents to $65.89 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $6.10 to WTI for the same month.

Prices also retreated as the dollar gained against a basket of currencies.