Oil prices resumed their slide Thursday after rallying overnight on what market participants attributed to bargain-hunting rather than a change in fundamentals. The global oil market is experiencing a toxic combination of oversupply of crude and tepid demand that has driven prices off a cliff since last summer. Brent, the global benchmark, is down close to 60% since a peak in June. On Thursday, February-dated Brent crude fell 2.9% to $47.28 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, WTI futures traded down 1.9% at $47.57 a barrel. Futures jumped more than 5% late on Wednesday. Analysts attributed the rally to some buyers moving in at low price levels as oil was flirting with $45 a barrel. “Yesterday’s price jump is likely to have been merely a technical countermovement,” Commerzbank said in a note. “It is too early for any genuine […]