Oil Bear Market Seen as Temporary on Growth in Economy, Demand

Oil-supply constraints amid continued global economic growth mean that crude’s slump to the lowest in eight months may be temporary.

Oil, which has entered a so-called bear market after sliding more than 20 percent since May 1 in New York, is unlikely to collapse as it did in 2008 because long-term fundamentals haven’t changed and supply may not keep up with demand, according to the chief executive officer of Royal Dutch Shell Plc. It’s “irresponsible” to say recent worse-than-expected economic data has significantly changed the market outlook, the head of the International Energy Agency said.