Oil Slides into Bear Market Territory

June 20, 2017 Share Print 0

U.S. crude-oil prices on Tuesday retreated in to bear-market territory, defined as a drop of at least 20% from a recent peak, as the the market continues to be dogged by oversupply concerns. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July was trading 2.5% lower at $43.34 a barrel.

Measured from its Feb. 21 peak, when crude settled at $54.33 a barrel, WTI is down about 20%, representing a bear market if it holds to close at its current levels, according to FactSet data.

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Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.