Oil prices slid on Tuesday pressured by continuing concerns about the global oversupply of crude. Oil has been trading in a narrow band in recent weeks after falling to more than six-year-lows in the summer on worries about an economic slowdown in China, the world’s second largest consumer of crude. Dropping U.S. output has provided some support for crude, but inventory levels in the U.S. remain elevated, especially in petroleum products like gasoline. That suggests the glut is unlikely to abate soon. Meanwhile, producer heavyweights like Saudi Arabia have continued to pump oil at a rapid pace in a bid to secure more market share. “The oversupplied fundamentals have taken center stage during the last 3-4 months, with bears regaining control,” said David Hufton of brokerage PVM. Brent crude, the global oil benchmark, fell 1.7% to $48.86 a barrel on London’s ICE Futures exchange. On the […]