Oil slump nears $30 a barrel mark on unabated output

Crude oil prices lost more than 2 percent on Tuesday, extending a relentless selloff to trade within cents of $30 a barrel for the first time in 12 years on concerns about fragile Chinese demand and the absence of restraint in global production. Analysts from some major banks have cut their 2016 oil forecasts to as low as $10 per barrel. Benchmark Brent crude fell to a low of $30.43 per barrel, a level not traded at since April 2004.