Market Extra: Oil just did something it hasn’t done in more than 30 years (hint: it isn’t good)

A jolt lower for oil since peaking in October has helped crude futures to carve out a bearish record. That is even after U.S. benchmark oil on Thursday fell into bear-market territory, defined as a drop of at least 20% from a recent peak.

West Texas Intermediate crude for December delivery on the New York Mercantile Exchange CLZ8, -1.32% settled lower on Friday, marking its 10th consecutive decline and matching the longest skid for the contract since a similar stretch from July 18-July 31 1984, according to Dow Jones Market Data.

Bespoke Investment Group pegs the losing stretch as the longest skid since at least 1983 (see chart below), noting that “there has never been a streak of more than 9 straight days where crude oil traded down on the day.

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