West Texas Intermediate crude tumbled further into a bear market amid signs of a global glut. Brent, the benchmark grade for more than half the world’s oil, traded close to a four-year low.
The U.S. crude slumped as much as 2.5 percent to $83.59 a barrel in New York, the lowest since July 2012. It closed yesterday more than 20 percent below its June peak, a common definition of a bear market. Brent is down 23 percent over a similar period and retreated as much as 2.2 percent to $88.11 in London, the lowest since Dec. 1, 2010.