Oil falls towards $44, lowest since May, on glut worries

By Alex Lawler LONDON (Reuters) - Oil on Tuesday hit its lowest since May, falling towards $44 a barrel, pressured by concerns that a long-awaited rebalancing of the market would be delayed due to excess supply. Brent crude is still up more than 60 percent from a 12-year low near $27 in January, but the rally has petered out on signs that the supply glut will persist and as economic jitters raised concern about the strength of oil demand. Global benchmark Brent was trading at $44.49 a barrel at