Crude oil plunges into bear market

New York (CNN Business)The boom-to-bust oil market has rapidly gone from spiking to crashing.

US oil prices tumbled another 1.6% to $60.67 on Thursday to settle in a bear market. In barely a month, crude has plunged 21% — and that’s since closing at a four-year high of $76.41 on October 3.
The latest slide marks the ninth consecutive decline for oil and the lowest closing price in eight months.

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