Oil re-enters bear market on renewed glut fears

U.S. oil futures finished in bear-market territory Monday, settling sharply lower on fresh worries about a global glut of crude and gasoline as well as uncertainty over the near-term outlook for demand.

September futures CLU6, +0.22%  West Texas Intermediate crude, the U.S. benchmark, fell $1.54, or 3.7%, to end at a three-month low of $40.06 a barrel and leaving the contract down 21.8% from a 52-week high of $51.23 hit in early June. A bear market is defined as a fall of 20% from a recent peak.

WTI futures briefly traded below the psychologically important $40 a barrel level before trimming losses.

The October Brent crude contract LCOV6, +0.50% on London’s ICE Futures exchange lost $1.39, or 3.2%, to close at $42.14.

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