Oil markets traded near multi-year lows in Asian trading hours Wednesday after posting huge overnight losses as cuts in demand forecasts compounded concerns over excess supply. On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at $82.13 a barrel at 0522 GMT, up $0.29 in the Globex electronic session. November Brent crude on London’s ICE Futures exchange rose $0.34 to $85.38 a barrel. Nymex West Texas Intermediate crude lost 4.55% in overnight floor trade, its sharpest decline since November 2012, and Brent crude lost 4.33%, its largest one-day percentage decline since September 2011. The sharp drop indicates signs of capitulation, with the bulls throwing in the towel and the few remaining buyers backing out of the market to see how low oil prices will go, analyst Tim Evans at Citi Futures said in a report. “It may take some consolidation […]