Oil enters bear market territory… Will it last?
U.S. crude prices dropped for a ninth consecutive session on Thursday, falling into a bear market, on further signs of growing supply even as data showed record Chinese oil imports.
Oil prices have plunged over the last five weeks, buffeted by October’s broader market slump, signs of deteriorating demand and rising supply.
The decline continued earlier this week after the Trump administration announced it would issue waivers to eight countries, allowing them to continue importing Iranian crude. The United States restored sanctions on Iran’s energy, banking and shipping industries on Monday.
U.S. West Texas Intermediate crude futures fell 68 cents, or 1.1 percent, to $60.99 by 9:58 a.m. ET. That is down 20.7 percent from last month’s four-year high at $76.90, putting WTI in bear market territory…