Oil prices extended their slump on Tuesday with both Brent and U.S. crude futures trading at 5½-year lows amid continuing concerns about a global supply glut. Brent crude for February delivery on London’s ICE Futures Exchange dropped more than 2% to under $52 a barrel—its lowest level since April 2009. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February flirted with $49 a barrel, down about a dollar from Monday’s settlement. “Right now, panic seems to rule the place,” said Thina M. Saltvedt, a senior oil analyst at Nordea Bank Norge. “Prices could easily fall to $40 before we see any meaningful improvement.” Driving the bearish mood were reports that Russian oil output hit post-Soviet records and Iraqi oil exports were at their highest since the 1980s. Adding to the downward pressure, Saudi Arabia on Monday […]