Economics
Brent Joins U.S. Crude in Bear Market Amid Oversupply Anxiety
- American production rose to highest in almost two years
- Stockpiles fell by 2.45 million barrels last week: EIA
SocGen's Wittner Sees Upward Path for Oil Prices
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Brent crude entered a bear market, plunging below $45 a barrel for the first time since November as skepticism that a supply glut will ease worsens.
A decline in U.S. stockpiles wasn’t enough to dispel the pessimism that struck the market this month as American supplies remain stubbornly above their seasonal average and production keeps rising. The global benchmark closed more than 20 percent below the year’s peak settlement, meeting the common definition of a bear market. The same happened with West Texas Intermediate on Tuesday.