Oil prices slumped Wednesday on concerns that the global crude market continues to be oversupplied. Robust production from the U.S. and member nations of the Organization of the Petroleum Exporting Countries sent oil prices plunging last year, and prices remain more than 40% below their June highs. The market rallied earlier this year on expectations that spending cuts would help shrink the global glut of crude, but large supply cuts haven’t materialized so far. U.S. data released Wednesday showed domestic oil production at a new weekly high, and OPEC is widely expected to keep its production target unchanged at its June 5 meeting. Light, sweet crude for July delivery settled down $1.62, or 2.6%, at $59.64 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell $1.69, or 2.6%, to $63.80 a barrel on ICE Futures Europe. Traders have closely scrutinized weekly U.S. inventory data […]