Oil in New York Enters Bear Market, Dropping 20% From Feb. 24

May 31 (Bloomberg) -- Oil futures in New York entered a bear market, dropping 20 percent from this year’s highest settlement of $109.77 a barrel on Feb. 24.

Oil for July delivery was at $87.59 a barrel, down 23 cents, in electronic trading on the New York Mercantile Exchange at 9:34 a.m. in Singapore. The futures closed yesterday 20 percent below their peak this year, the common definition of a bear market.

To contact the reporter on this story: Yee Kai Pin in Singapore at kyee13@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net