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Oil futures declined for a second session on Wednesday, with U.S. prices settling in a bear market – defined by a 20% or more decline from a recent high. Ongoing worries over a recession that could lead to a slowdown in energy demand have pressured prices for oil. West Texas Intermediate crude for August delivery fell 97 cents, or 1%, to settle at $98.53 a barrel on the New York Mercantile Exchange, the lowest front-month finish since April. Prices have fallen roughly 20.3% from the recent settlement high of $123.70 on March 8, according to Dow Jones Market Data.
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