Oil Falls in N.Y., Approaching Bear Market as 2011 Gain Erased
This article is for subscribers only.
Oil fell to the lowest in four months in New York, bringing its loss from this year’s peak to 20 percent, on speculation a weakening global economy and Greece’s debt crisis will lead to reduced fuel demand.
Futures slid as much as 2 percent, erasing this year’s gains, 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. Today’s low marked a 20 percent decline from its 2011 settlement high in April, the sign of a bear market.