- 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.