Oil Falls in New York, Heads for Bear Market as 2011 Gain Erased
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Oil fell to the lowest in four months in New York, heading for a bear market, on speculation a weakening global economy and Greece’s debt crisis will lead to reduced fuel demand.
Futures slid as much as 2 percent today, erasing gains made this year, as European governments failed to agree on releasing a loan payout to spare Greece from default and Japan’s exports dropped in May more than forecast. Crude traded for a second day below its 200-day moving average, a major technical-support level, and is close to a 20 percent decline from its 2011 settlement high in April, the sign of a bear market.