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Market Extra: Oil on cusp of bear market as supply worries persist

A five-week rout for oil prices was threatening Thursday to end the U.S. crude benchmark’s longest bull market since early 2015.

West Texas Intermediate crude for December delivery CLZ8, -1.17% on the New York Mercantile Exchange was down 68 cents, or 1.1%, at $60.99 a barrel after trading as low as $60.56, on track for its ninth straight losing session. A close below $61.13 a barrel for the front-month contract would leave WTI down 20% from its Oct. 3 high, according to Dow Jones Market Data, meeting a widely used definition of a bear market.

October marked a turnabout in the crude-oil market, which had rallied sharply in 2018, with gains fueled in part by fears that the Trump administration’s renewal of sanctions against Iran, bottlenecks in U.S.

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