Oil prices fell on Thursday on worries about oversupply as the world’s energy watchdog warned that a long-awaited market rebalancing could be delayed due to weak compliance with production cuts among OPEC members. In its closely watched monthly report, the Paris-based International Energy Agency (IEA) issued a stronger outlook for global oil demand, however, with consumption in Germany and the United States increasing in recent months. Brent crude fell 34 cents to $47.40 a barrel by 0834 GMT and U.S. light crude was down 32 cents at $45.17. Oil prices dropped in recent weeks to levels not seen since November 2016 as investors lost faith in a deal between OPEC and non-OPEC producers to reduce output, while U.S. shale oil production rose sharply. “Each month something […]