Oil is getting mauled. A fresh plunge in prices for West Texas Intermediate has given way to a bona fide bear market this week, and some analysts don’t think the battered commodity will be quick to rebound.
Crude-oil futures CLU5, -0.25% settled Thursday at $48.45 a barrel on the New York Mercantile Exchange, their lowest settlement since March 31. Based on that, prices were down more than 20% from their $61.43 settlement high in June—meeting the criteria for a “bear market.”
Prices fell further on Friday to end at $48.14, for a weekly loss of more than 5%. They’re down roughly 55% from their peak of nearly $107 in June of last year and have lost about 27% from the $66.15 low in November, which at the time was the lowest settlement in 5 years as the Organization of the Petroleum Exporting Countries stood pat on its production ceiling.
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Crude-oil futures CLU5, -0.25% settled Thursday at $48.45 a barrel on the New York Mercantile Exchange, their lowest settlement since March 31. Based on that, prices were down more than 20% from their $61.43 settlement high in June—meeting the criteria for a “bear market.”
Prices fell further on Friday to end at $48.14, for a weekly loss of more than 5%. They’re down roughly 55% from their peak of nearly $107 in June of last year and have lost about 27% from the $66.15 low in November, which at the time was the lowest settlement in 5 years as the Organization of the Petroleum Exporting Countries stood pat on its production ceiling.
Click Here For Free Signals OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance About KLSE online Feel Free To Mail Us at : info@epicresearch.my
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