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Oil just made a huge move, and nobody noticed

Jul 29, 2016, 21:02 IST

The markets have been preoccupied with a flurry of political headlines over the past few months such as the Brexit and the US presidential election.

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But in the background of all this, there has been a stealth slump in crude-oil prices.

Both front-month West Texas Intermediate crude and Brent crude prices have fallen by over 20% since their respective early-June peaks of $51.23 a barrel and $52.51 a barrel.

A drop of over 20% is considered to be a bear market.

A few months ago, analysts attributed the surge in oil prices to various production outages including attacks on infrastructure by the Niger Delta Avengers and wildfires in Canada.

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But here's where oil prices were as of 10:24 a.m. ET on Friday. Front-month WTI crude prices were trading at about $40.67 a barrel.

Business Insider/Andy Kiersz, data from Bloomberg
Business Insider/Andy Kiersz, data from Bloomberg

Front-month Brent prices were trading at about $41.94 a barrel.

Andy Kiersz

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