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Nov 13, 2018
MARKET WATCH: The oil rout just became a bear market for U.S. crude

MARKET WATCH: The oil rout just became a bear market for U.S. crude

In a volatile turnabout, the U.S. crude benchmark fell into a bear market Thursday just five weeks after hitting a nearly four-year high.

West Texas Intermediate crude for December delivery CLZ8, -1.59% on the New York Mercantile Exchange fell $1, or 1.7%, to settle at $60.67 a barrel, marking its ninth straight losing session and the lowest close since March. The finish left U.S. oil down 20.6% from its Oct. 3 peak, meeting a widely applied definition of a bear market as a pullback of 20% from a recent high.

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Related Ticker: OILX

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Allana's AvatarAllana|Expert

Financial analyst and market blogger with expertise in equity research, fundamental analysis, and macroeconomic trends. I regularly publish coverage on individual stocks, ETFs, and sector developments — combining rigorous financial analysis with clear, engaging writing for a broad investment audience.


Industry description

The index is a sub-index of the S&P GSCI commodity index (“S&P GSCI”) and measures the returns from the West Texas Intermediate crude oil futures contract traded on the New York Mercantile Exchange.
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MARKET WATCH: The oil rout just became a bear market for U.S. crude