Oil just fell into a bear market — here’s why

U.S. benchmark West Texas Intermediate crude oil entered a bear market on Wednesday, and it doesn’t look set to exit it any time soon.

On Wednesday, front-month July WTI crude CLN19, +0.23% fell $1.80, or 3.4%, to settle at $51.68 a barrel on the New York Mercantile Exchange. It settled 22% below its most recent high of $66.30 on April 23. Entry into a bear market is defined by a drop of 20% or more in prices from the most recent high. It would take a 20% rise from the current bear market low to put crude back into a bull market.The average bear market for crude oil lasts 60 trading days, according to Dow Jones Market Data.

Refined product stocks “also rose by significant margins and gasoline demand is averaging 1.3 % below last year on a four-week average basis,” he said. U.S. gasoline inventories climbed by 3.2 million barrels, while distillate stockpiles added 4.6 million barrels last week, according to the EIA.

Btfd

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil prices rise on fall in U.S. crude stocks, but trade war worries cap gainsOil prices rose on Thursday after a bigger-than-expected decline in U.S. crude i...
Source: Reuters - 🏆 2. / 97 Read more »

Oil rises on declining U.S. crude stocks, but trade war worries lingerOil prices rose on Thursday after an industry report showed a bigger-than-expect... We are on a economic rollercoaster ride. My IRA is flat & back where it was when Trump took office. Under Obama I had slow but steady sustained gains for 5 years.
Source: Reuters - 🏆 2. / 97 Read more »

Oil prices on track to enter a bear market as weekly U.S. crude supplies jump to a nearly 2-year highOil prices drop 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...
Source: MarketWatch - 🏆 3. / 97 Read more »