Oil prices wallowed near their lowest levels in seven months early on Thursday, hurt by high global inventories and doubts over OPEC’s ability to implement production cuts. Brent crude futures were down 7 cents or 0.2 percent at $46.93 per barrel at 0053 GMT, after slumping nearly 4 percent in the previous session. U.S. West Texas Intermediate (WTI) crude futures were down 12 cents or 0.3 percent at $44.61 per barrel. Crude futures benchmarks are sitting near their lowest levels since late November last year when production cuts led by the Petroleum Exporting Countries (OPEC) were first announced. Brent and WTI are down over 12 percent since their opens on May 25, when the agreement to cut was extended to the end of the first quarter next year, instead of expiring this month as initially […]