Oil headed for bear market after biggest drop in five months - FT.com

Oil headed for bear market after biggest drop in five months - FT.com:



"Oil’s price slide steadied on Tuesday after its biggest one-day fall in five months over the previous session took it near bear market territory as Greece rejected bailout terms and Iran edged closer to a nuclear deal with western powers.



ICE August Brent found support on Tuesday, ticking up $0.46 to $57 a barrel. It fell 6.3 per cent on Monday, recording its biggest intraday fall since February 4. The international benchmark settled down $3.78 to $56.54.



Nymex August West Texas Intermediate also crept higher on Tuesday, up $0.41 at $52.94 a barrel. Monday’s fall took the US crude oil marker — which did not settle on Friday because of the US public holiday — down by $4.40 to close at $52.53."



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