The world’s largest oil traders are overwhelmingly bearish on the outlook for the crude price, which they believe will flounder below $60 a barrel, possibly as long as into 2017. Record-high production from some of the major exporting countries, along with faltering demand in key importing nations such as China and Brazil, has cut the price of oil in half over the last year. The oversupply that has built up in the market is one of largest in at least 30 years and even refineries around the world running at record rates in 2015 has not been enough to erase it. Mercuria chief executive Marco Dunand said on Wednesday he saw the oil market returning to balance and even displaying a deficit in 2016, as non-OPEC producers limit supply to ward off more aggressive price declines. But he only expected a modest pick-up in the price from its current level around $49 a barrel.