CNNMoney | Here we go again: Oil plunges back below $40 CNNMoney 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 ... Oil re-enters bear market on renewed glut fears US oil posts worst settlement since April 20, closes 3.7 pct lower, at $40.06 US Oil Prices Enter Bear Market |