Oil futures in New York entered a bear market, dropping 20 percent from this year’s highest settlement of $109.77 a barrel on Feb. 24.
Oil for July delivery was at $87.59 a barrel, down 23 cents, in electronic trading on the New York Mercantile Exchange at 9:34 a.m. in Singapore. The futures closed yesterday 20 percent below their peak this year, the common definition of a bear market.
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