Crude sank the most in more than four months as oil executives turned gloomier on the prospect of a recovery this year. Futures fell 6.7 percent to the lowest since May 2003. Royal Dutch Shell Plc said Wednesday it expects fourth-quarter profit to drop at least 42 percent. Markets could “ drown in oversupply ,” sending prices even lower as oil demand growth slows and Iran boosts exports, the International Energy Agency said Tuesday. A “lower-for-even-longer” scenario is forcing companies’ budget planners to trim spending even further. “At this point things are ugly and there’s no reason to buy into this market,” […]