Oil futures traded below $28 a barrel on Wednesday, dragged down by a fresh slide in the global financial markets and continued concerns about the glut of crude. Fears about an economic slowdown in China, the world’s second biggest economy, have rattled financial markets at the start of the year and added to the bearish sentiment on the oil market. “Bearish fundamentals have clearly been weighing on oil prices [this year], but financial selling on macro concerns has also played a major role,” Citi said in a report. The bank cut its oil price forecasts on the back of concerns about the Chinese economy and sees both ... (full story)