Brent crude oil is in a bear market.
On Monday afternoon, the international benchmark of oil prices fell more than 2% to close at $US53.47 per barrel in futures trading. A bear market is roughly defined as a 20% drop from recent highs.
Brent now joins West Texas Intermediate crude oil — the US benchmark — in a bear market. On Thursday, WTI clocked a 20% drop from six-weeks highs, and today, slipped to a fresh four-month low below $US47.23 per barrel.
Concerns about oversupply have plagued oil prices, which rebounded a bit in May following the oil crash.
Here’s a chart showing the slump in Brent crude from recent highs: