Crude-oil futures swung between gains and losses in Asian trade Wednesday as investors remain uncertain about oil supply levels and scrutinize data for cues. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at $50.31 a barrel in recent trade, up $0.29 in the Globex electronic session. Brent crude for March delivery on London’s ICE Futures exchange fell $0.14 to $56.29 a barrel. Oil prices are under pressure due an increasing glut in global oil supply, helped by the U.S. shale revolution and steady oil production from the Middle East. A series of spending cuts by major oil companies and a drop in the number of drilling rigs deployed in the U.S. had raised hopes that supplies would be curbed, resulting in a price rally of around 20% in recent weeks. However, there is little evidence to suggest that actual oil production levels […]