West Texas Intermediate oil tumbled into a bear market on concern rising global supplies will be more than enough to meet slowing demand. Brent crude slipped to the lowest level in 27 months. WTI joined Brent in falling more than 20 percent from this year’s June peak, meeting a common definition of a bear market. Shale oil is set to boost U.S. crude output to the most in more than three decades, while last month supplies from OPEC rose and Russian output neared a post-Soviet record. Saudi Arabia, the world’s biggest exporter, cut prices for November exports to Asia to the lowest since 2008. The IMF reduced its global growth forecast for this year and next. “The bear market is indicative of the global economic slowdown,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by phone. “The dynamic has […]