Oil futures on Wednesday risked a fifth straight drop and a plunge into bear-market territory after reaching the lowest settlement price in more than three months Tuesday, dropping on heightened concerns for the global economy and tariff tensions that could potentially hurt demand for oil.
West Texas Intermediate crude for July delivery on the New York Mercantile Exchange was down 53 cents, or nearly 1%, at $52.73 a barrel.
A settlement at or below $53.04 for the front-month contract would mark its entry into a bear market, according to Dow Jones Market Data, defined as a drop of 20% or more from its recent high. Its most recent high was $66.30 on April 23.
August Brent lost 71 cents, or 1.2%, to $60.57 a barrel on ICE Futures Europe. It settled Monday at $61.28, the lowest front-month contract settlement since Jan. 28.
Source : MarketWatch