Oil prices hit on Tuesday their lowest levels since mid-November last year, with WTI entering a bear market , and analysts now see the price of oil sliding further down to below US$40 and even into the US$30s, as rising output from Libya and Nigeria adds to the persistent concerns over global oversupply. As of 2:21pm EDT, WTI Crude had tumbled 3.11 percent to US$43.05, while Brent Crude had plunged 2.79 percent at US$45.60. According to analysts, the slide will continue, and oil prices could drop to levels they hadn’t seen in more than a year. “ Oil is in a downtrend and risks trending into the $30’s, ” Paul Ciana, a technical strategist at Bank of America Merrill Lynch, said in a note on Tuesday, as quoted by Business Insider . Oil prices have now dropped to the levels they traded before OPEC and 11 non-OPEC producers agreed […]