Crude sank the most in more than four months as oil executives turned gloomier on the prospect of a recovery this year.
Futures fell 6.7 percent to the lowest since May 2003. Royal Dutch Shell Plc said Wednesday it expects fourth-quarter profit to drop at least 42 percent. Markets could “drown in oversupply,” sending prices even lower as oil demand growth slows and Iran boosts exports, the International Energy Agency said Tuesday. A "lower-for-even-longer" scenario is forcing companies’ budget planners to trim spending even further.