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.

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