Oil prices dropped back below $30 Monday amid continuing fears about the global oversupply of crude. A Sunday meeting between Saudi Arabia and Venezuela ended without any plans for production cuts , damaging hopes that the world’s major exporters will cooperate on output cuts. Data from Barclays BCS -5.37 % also suggested softer demand from the world’s largest consumers, the U.S. and China. Light, sweet crude for March delivery settled down $1.20, or 3.9%, to $29.89 a barrel on the New York Mercantile Exchange. It has lost 8% during a three-session losing streak. Brent, the global benchmark, fell $1.18, or 3.5%, to $32.88 a barrel on ICE Futures Europe. According to Barclays, the report on oil demand in the U.S. and China, has taken a “sharp turn for the worse.” U.S. demand for oil products in January fell 3.9% compared with January 2015. In China, although overall oil demand […]