Crude Slides Into Bear Market as Oversupply Distress Deepens
- Futures have fallen more than 20% from year’s highest close
- Libya restarts wells, adding to supplies from U.S. shale plays
Oil Strategist Says Price Drop Extends to '$40 or Below'
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Oil entered the first bear market since August as concerns worsen that OPEC is failing to ease a global supply glut.
West Texas Intermediate crude, the U.S. benchmark, fell more than 20 percent from its highest close this year, meeting the common definition of a bear market. Futures settled at $43.23 a barrel in New York, down from $54.45 on Feb. 23.