The collapse in oil intensified Tuesday, with U.S. prices closing below $50 a barrel for the first time in nearly six years amid mounting fears that the market will be awash in crude for the foreseeable future. A six-month-long selloff in the oil market has accelerated in the new year, with U.S. prices down 10% since Dec. 31. Until recently, the declines were driven mainly by unexpectedly strong U.S. output. But many investors are starting to fear that struggling economies in Europe and Asia will consume less crude than expected, worsening a global glut. Oil’s steep drop sent shudders through financial markets. Currencies of oil-producing nations fell against the dollar, and shares of energy companies slid. Many investors sought out Treasury […]