IT'S OFFICIAL: Oil is in a bear market

Oil is officially in a bear market.

On Thursday, West Texas intermediate crude oil futures fell more than 1% to settle near $48.55 per barrel in New York.

A bear market is roughly defined as a 20% drop from highs. Crude has now fallen by about 20% in the last six weeks.

On Monday, WTI slipped below $50 per barrel for the first time since April 6.

And after a brief rebound, oil prices crossed the mark again on Wednesday after data showed more evidence of a supply glut. Data from the American Petroleum Institute showed a weekly build in inventories that topped forecasts. And, the Energy Information Administration's weekly data showed a build in stockpiles last week after two periods of declines.

Meanwhile, the 12-member oil cartel OPEC continues to exceed its production targets to maintain its share of the market. OPEC member Iran is gearing up to boost exports following its deal with world powers that would lift economic sanctions.

Oil's fall is also part of a larger rout in commodities. On Thursday, copper slumped to a six-year low. Iron ore prices also weakened, and gold remains in the red after Sunday's flash-crash.

Of course, oil is still down about 57% from the highs reached a year ago before the crash. And, crude is also still above the lows of the crash near $43 per barrel.

However, we've seen a dramatic move lower in the last couple of days.

Here's a chart showing the recent slump in WTI futures: