Singapore — Oil markets slipped again on Wednesday, extending losses from a 7% plunge the previous session as surging supply and the spectre of faltering demand scared off investors. US West Texas Intermediate (WTI) crude oil futures were at $55.50 a barrel at 5.14am GMT, down 19c from their last settlement. International benchmark Brent crude oil futures were down 22c at $65.25 a barrel. Crude oil has lost more than 25% of its value since early October in what has become one of the biggest declines since prices collapsed in 2014. The slump in spot prices has turned the entire forward curve for crude oil upside down. Spot prices in September were significantly higher than those for later delivery, a structure known as backwardation that implies a tight market as it is unattractive to put oil into storage. By mid-November, the curve had flipped into contango, when crude prices for immediate delivery are cheaper than those for later dispatch. That implies an oversupplied market as it ...

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