With oil currently down nearly 15% since its high on September 6th, it's getting close to the 20% threshold for a new bear market. (A bear market is a 20%+ decline that was preceded by a 20%+ rally.) For those interested, below is a snapshot of all oil bear markets going back to 1983.
There have been 31 oil bear markets since 1983, with the last one occurring from February 24th, 2012 through April 28th, 2012. The average oil bear market has lasted just 108 days, and the average bear market decline has been 33.73%.
To reach official bear market territory, oil needs to fall $6 from here down to $88.40.