![Oil enters bear market, mauled by supply glut](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1470395701.jpg)
Oil Enters Bear Market, Mauled By Supply Glut
Rukhshan Mir (@rukhshanmir) Published August 05, 2016 | 04:15 PM
![Oil enters bear market, mauled by supply glut](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1470395701.jpg)
LONDON, (APP - UrduPoint / Pakistan Point News - 5th Augst,2016) - Chronic oversupply sent oil prices slumping this week into a so-called bear market, losing 20 percent from recent June peaks above $50. In tumultuous trade on Wednesday, US benchmark West Texas Intermediate (WTI) struck $39.19 -- which was the lowest level since April 18. And on Tuesday, Europe's main contract Brent North Sea crude slid to $41.
51 -- which was also a trough last reached on that same day. Oil industry experts argue that the market got caught up in forecasts that supply and demand would shift into balance in 2016. The International Energy Agency had forecast in April that oil was expected to almost balance out in the second half of the year. "Crude prices have re-entered bear market territory," said analysts at London-based consultancy Energy Aspects in a research note.
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From World
-
Biden talks Gaza ceasefire efforts with king of Jordan
4 hours ago -
Sinaloa Cartel co-founder pleads not guilty after stunning US capture
4 hours ago -
Panama says Venezuela blocked ex-presidents going to observe polls
4 hours ago -
Ethiopia mourns victims of landslide tragedy
4 hours ago -
Khan Yunis fighting displaces 180,000 Gazans in four days: UN
4 hours ago -
Trump slams rivals as he meets Netanyahu in Florida
4 hours ago
-
Obama & his wife, Michelle, officially endorse US VP Kamala Harris for president
4 hours ago -
Rain, cooling slow huge blaze in Canada's Jasper park
4 hours ago -
Airbus and Boeing supremacy secure despite turbulence
4 hours ago -
S.African police detain 95 Libyans at suspected military camp
5 hours ago -
'Slapping therapist' guilty over UK diabetic woman's death
5 hours ago -
Panama says Venezuela blocked flight of ex-presidents going to observe polls
5 hours ago