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Oil Turning Back to Bear Erases $100 Billion From Shale Drillers

The Permian Basin in Mentone, Texas.

The Permian Basin in Mentone, Texas.

Photographer: Spencer Platt/Getty Images
Updated on

Crude oil slipped back into a bear market Thursday, disappointing U.S. shale drillers that pinned their hopes on higher prices.

West Texas Intermediate, the benchmark U.S. contract, tumbled 22 percent since June 10 to $48.14 a barrel, erasing more than $100 billion in market value from the companies in the Bloomberg Intelligence North America Independent Explorers and Producers Index.