# US crude oil tumbles to close in bear market territory

> WTI crude settled at $43.23 a barrel on June 20, its weakest close since September and more than 20% below its 52-week high, putting it in bear market territory. The decline followed rising output from Nigeria and Libya, both OPEC members exempt from production cuts. Analysts quoted in the article said prices could fall below $40.

- Date: 2017-06-20 · published 2017-06-20T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/70658-us-crude-oil-tumbles-to-close-in-bear-market-territory
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Rising exempt-country supply deepens the global glut, pressuring energy prices and weakening biofuel margins that support demand for corn and vegetable oils. Lower crude also reduces diesel and freight costs for feed commodities.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Sources

- cnbc.com: https://www.cnbc.com/2017/06/20/oil-prices-are-tumbling-more-than-2-percent-toward-43-a-barrel-right-now.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.