Crude-oil futures turned negative in Asian trade Wednesday, erasing some early gains, as market sentiment soured further with another decline in China’s equity markets. Oil prices have fallen into bearish territory, after being stuck in a narrow trading range for several weeks, and are now trading at nearly half their level since a year ago. The return of a downward trajectory for oil has dashed any hopes oil producing and oil services companies had of a recovery when prices had found support in the April-June quarter. On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $51.98 a barrel at 0348 GMT, down $0.35 in the Globex electronic session. August Brent crude on London’s ICE Futures exchange fell $0.28 to $56.57 a barrel. A “perfect storm of events has hit oil markets” but it is mostly just a sentiment-driven move […]