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US crude falls below US$28 after IEA's 'drown in oil' remark

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US crude tumbled below US$28 a barrel in Asia on Wednesday, hitting new 12-year lows, after the International Energy Agency (IEA) warned that the oil market could "drown in oversupply".

Singapore

US crude tumbled below US$28 a barrel in Asia on Wednesday, hitting new 12-year lows, after the International Energy Agency (IEA) warned that the oil market could "drown in oversupply".

West Texas Intermediate (WTI), the US benchmark, fell to levels last seen in September

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