By Henning Gloystein
SINGAPORE (Reuters) – Oil struggled to find its footing on Wednesday after plunging 7 percent the previous session, with surging supply and the specter of faltering demand scaring off investors.
U.S. West Texas Intermediate (WTI) crude oil futures were at $55.52 per barrel at 0732 GMT, down 17 cents, or 0.3 percent, from their last settlement.
International benchmark Brent crude oil futures (LCOc1) were down 9 cents at $65.38 per barrel.
Crude oil has lost over a quarter of its value since early October in what has become one of the biggest declines since a price collapse in 2014.
“Crude oil futures succumbed to overwhelmingly bearish pressure amidst … weaker market fundamentals,” said Benjamin Lu, analyst at brokerage Phillip Futures in Singapore.