Oil prices on track to enter a bear market as weekly U.S. crude supplies jump to a nearly 2-year high

Oil prices dropped Wednesday, on track to enter a bear market, as U.S. data revealed a weekly crude supply climb of almost 7 million barrels—the largest in five weeks—to their highest level in nearly two years.

The international benchmark August Brent BRNQ19, -3.58% fell $1, or 1.6%, at $60.97 a barrel on ICE Futures Europe, with front-month contract prices poised for their lowest finish since Jan. 25. Brent prices trade roughly 18% below the settlement high seen in April. A finish below $59.656 would mark Brent’s entry into a bear market.

Analysts polled by S&P Global Platts expected a crude-supply fall of 1.7 million barrels for crude stocks, on average, while the American Petroleum Institute on Tuesday reported a climb of nearly 3.6 million barrels. “A big drop in implied product demand has spurred on further bearish data points, with large builds to both gasoline and distillates,” said Smith.

Meanwhile, ahead of an EIA supply update due Thursday, July natural gas NGN19, -1.16% fell 1% to $2.391 per million British thermal units.

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