Oil prices sank to a 12-year low, falling under $28 a barrel in early Asia trade Wednesday, as a glut continues to weigh on markets. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at $27.55 a barrel at 0610 GMT, down $0.91 in the Globex electronic session. It is the lowest intraday level since September 2003. March Brent crude on London’s ICE Futures exchange fell $0.66 to $28.10 a barrel. The International Energy Agency said in its latest report that oil prices will likely slide further this year as the market, under “enormous strain,” proves unable to soak up the extra oil from producers such as Iran. It sees the end of sanctions on Iran adding 300,000 barrels a day of crude by the end of the first quarter, reducing the effect of the 600,000-barrel-a-day reduction expected from producers outside the Organization […]