Tortoise’s Rob Thummel quoted in Bloomberg

Oil Slumps as Rising Storage Offers No Relief Amid Market Panic

  • U.S. crude inventories grew for second week, EIA says
  • WTI futures slip more than 5%, joining equities slide

Oil tumbled the most in a week as global financial markets swooned and swelling U.S. crude stockpiles reinforced fears about an economic slowdown.

Futures slipped more than 5% in New York, joining a slide in equities. American crude inventories registered a surprise increase for the second straight week, U.S. data showed Wednesday, although gasoline demand was also healthy. Investors were already fleeing commodities and other higher-risk assets as sagging Treasury yields sounded alarm bells for a recession.

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