Oil prices continued their relentless slide on Tuesday on concerns about a growing oversupply of the commodity. Fueled by booming U.S. shale oil production and reluctance from other major producers to cut output, the selloff shows no signs of abating despite news of disruptions in Libya and an apparent scaling back of drilling rigs in the U.S. Front month Brent crude on London’s ICE Futures exchange fell $0.50 to $57.34 a barrel, following a 2.6% drop on Monday. In electronic trading on the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at $53.27 a barrel, down 0.7%. “There is a lot of negative sentiment going around despite the holidays, ” said Thina M. Saltvedt, senior oil analyst at Nordea Bank in Oslo. According to her, the slide will continue into the New Year and Brent might average $55 in the first […]