Crude slides into bear market as oversupply distress deepens

#oilwire - #Oil entered the first bear market since #August as concerns worsen that #OPEC is failing to ease a global supply glut. West Texas Intermediate #WTI #crude , the #US benchmark , fell more than 20% from its highest close this year , meeting the common definition of a bear market. Futures settled at $43.23/bbl in #NewYork , down from $54.45 on Feb. 23. Adding to an oversupplied market are #Libya , which is pumping the most in four years , and #shale drillers that are staging the longest drilling ramp-up on record. Meanwhile traders are hoarding an increasing amount of oil in tankers. All that crude is hindering efforts by the Organization of Petroleum Exporting Countries and its allies to reduce stockpiles to the five-year average. #oilandgas #news