Oil prices sunk deeper into negative territory in Asian trade Wednesday on perceived oversupply and concerns over whether oil producers will cut production to balance the market. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $77.42 a barrel at 0534 GMT, down $0.52 in the Globex electronic session. December Brent crude on London’s ICE Futures exchange fell $0.51 to $81.16 a barrel. Brent crude, the global oil benchmark, extended overnight losses to fresh year-lows and has fallen by more than 29% from its 52-week high of $115.06 a barrel. There’s a growing crisis of confidence in the oil market given apparent willingness of the Organization of the Petroleum Exporting Countries to stand aside and allow the market to fall, Citi Futures analyst Tim Evans said. “The new lows in Brent prices imply that the market remains more concerned […]