World News
Oil Prices are Officially in a Bear Market
Wednesday October 8, 2014
If you haven't been paying attention oil prices are in a bear market…officially that is.
U.S. prices are 21% off of a September 2013 peak.
Inventory figures showed stockpiles grew more than expected as did imports while refineries processed less crude.
A selloff ensued and WTI slumped enough to officially be labeled a bear while Brent has been in a bear market since September 30th.
Speculators seem to think that shale-oil drillers won't pull back until prices near $80 a barrel.
Bunker buyers will surely enjoy the ride down.