Crude oil prices plunged 4% on Monday, sliding to $39.86 a barrel Monday. It’s the first time the price has been below $40 a barrel in nearly four months.
Oil prices are now down more than 22% since topping out above $51 a barrel in early June. That means the closely-watched commodity is officially back in a bear market.
It’s the latest setback for oil bulls who thought crude was on a straight shot back to $60 and higher following the crash that began in late 2014. The price had peaked at $107 in June 2014.
