Oil in New York fell into a bear market, adding pressure on OPEC and its allies to cut production just months after adding barrels. Futures tumbled 1.6 per cent Thursday, extending a decline from the October high to more than 20 per cent, meeting the common definition of a bear market. A faster-than-expected inventory buildup dashed speculators’ hopes that prices could reach US$100. U.S. crude production has accelerated to new records, OPEC output is at the highest in years and waivers will allow some Iranian crude to flow to the market despite U.S. sanctions. "Sentiment has shifted,” said Bart Melek, head of ... (full story)