Oil Extends Decline in Bear Market Amid Signs Glut Will Persist - Bloomberg Business

Oil Extends Decline in Bear Market Amid Signs Glut Will Persist - Bloomberg Business:



"Oil extended declines in a bear market amid signs producers from the Middle East to the U.S. will continue adding supplies to a global glut.



Futures slid as much as 1 percent in New York, dropping for a fifth day. Oil exports from southern Iraq rose to a record this month, while a Bloomberg survey forecasts U.S. crude stockpiles expanded for a second week through July 24. Brent in London closed Monday more than 20 percent lower than its peak reached in May, meeting the common definition of a bear market.



Oil’s rebound from a six-year low has faltered on signs the global surplus will persist as the U.S. produces near the fastest rate in three decades and leading OPEC members pump at a record. The Bloomberg Commodity Index dropped for a fourth straight session Monday, extending its plunge to a 13-year low."



'via Blog this'