Oil and General Electric Join the Roll-Over Parade

by John Rubino
Dollar Collapse

First developing countries blew up. Then real estate topped and started to roll over. Now oil has entered what CNBC just called its “longest losing streak in three decades.”

The oil rout just became a bear market for U.S. crude

In a volatile turnabout, the U.S. crude benchmark fell into a bear market Thursday just five weeks after hitting a nearly four-year high.

West Texas Intermediate crude for December delivery on the New York Mercantile Exchange fell $1, or 1.7%, to settle at $60.67 a barrel, marking its ninth straight losing session and the lowest close since March. The finish left U.S. oil down 20.6% from its Oct. 3 peak, meeting a widely applied definition of a bear market as a pullback of 20% from a recent high.

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