Crude futures slumped again in Asian trade on Wednesday, with U.S. oil dropping more than 3 percent toward $27 a barrel and its lowest since 2003, on worries about global oversupply. That came after the International Energy Agency, which advises industrialized countries on energy policy, warned that oil markets could “drown in oversupply” in 2016. The crash hammered Asian stock markets with MSCI’s broadest index of Asia-Pacific equities outside Japan .MIAPJ0000PUS falling 2.8 percent to a four-year low. [MKTS/GLOB] “Oil prices are at a level where OPEC countries are all struggling. They are selling oil for cash flow not for profit,” said Jonathan Barratt, chief investment financial officer at Sydney’s Ayers Alliance. “U.S. producers are holding out, but I think they’re bleeding as well,” he said. U.S. crude futures CLc1 were trading down 97 […]