The benchmark U.S. oil price slumped to a six-year low on Monday on fresh signs that crude supplies are swamping the market. The selloff vindicates the many Wall Street analysts and traders who were skeptical of February’s sharp rally, which was driven by a decline in drilling activity and higher fuel demand spurred by a cold snap in the U.S. The world—and the U.S. in particular—remains awash in crude, investors and analysts say. In the near term, at least, rising inventories and a robust pace of production will continue to weigh on oil prices, which have plunged by 52% in the past six months and 59% since a peak in late June. Crude-oil futures slid 96 cents, or 2.1%, to $43.88 a barrel on the New York Mercantile Exchange, the lowest level since March 2009 and edging out the previous low from late January. The latest factor sparking the […]