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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