Crude-oil futures traded near multiyear lows in Asian trade Friday after sharp overnight losses that traders say has reinforced bearish market sentiment and potentially set the stage for further declines. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $74.28 a barrel at 0345 GMT, up $0.07 in the Globex electronic session. January Brent crude on London’s ICE Futures exchange rose $0.56 to $78.05 a barrel. Both oil benchmarks–Nymex West Texas Intermediate crude and Brent crude–are trading near their lowest level since September 2010. “The further price drop is certainly a reflection of an entrenched bearish market sentiment that is rooted in doubts about OPEC’s willingness to respond to rising non-OPEC supply and weaker-than-anticipated demand growth by reducing output,” said analyst Tim Evans at Citi Futures. While a production cut at the Organization of the Petroleum Exporting Countries’ meeting […]