Oil Approaching Bear Market Territory

With another drop of nearly $3 this morning, oil is now down 18.3% from its closing high on July 3rd. In order to hit the 20% threshold for a bear market, oil needs to break $116.23. While consumers will take any relief they can get, even if it breaks $116, oil would still be up 21.1% year to date and 61.3% over the last year.