Oil prices remained weak in Asian trade Thursday after sharp losses in the previous session that drove Nymex oil futures below the $50 a barrel mark–the first time it has settled below that level since April 2. In addition to concerns over sustained U.S. oil supply despite falling prices, oil markets are also jittery over high export volumes from the Organization of the Petroleum Exporting Countries and only limited growth in global oil demand. “The OPEC production growth has stoked market fears of further oversupply, as crude stocks in Europe and Asia show signs of building,” Michael Wittner, head of oil research at Societe Generale, said in a report. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at $49.31 a barrel at 0319 GMT, up $0.12 in the Globex electronic session. September Brent crude on London’s ICE Futures exchange […]