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It’s a bad-news bear market for crude oil

Oil is getting mauled. A fresh plunge in prices for West Texas Intermediate has given way to a bona fide bear market this week, and some analysts don’t think the battered commodity will be quick to rebound.

Crude-oil futures CLU5, -0.99%  settled Thursday at $48.45 a barrel on the New York Mercantile Exchange, their lowest settlement since March 31. Based on that, prices were down more than 20% from their $61.43 settlement high in June—meeting the criteria for a “bear market.”

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