Oil prices plunged today as the flight to safety assets increased today. Treasury yields had their biggest 2-day drop since 1987 as buyers lined up. “It doesn’t matter what your risk asset is: at this point, people are pulling the plug across different instruments here,” said Robert Yawger, director of energy futures at Mizuho in New York. “Nobody wants to go home with a big position on anything today. You have nowhere to hide really.” Volatility in Brent and WTI was at its highest in more than a year and both entered technically oversold territory on Wednesday. Adding to the bearishness, US crude inventories rose by 1.6MM/bbls, more than the expected rise of 1.2MM/bbls. WTI traded down $3.72 or -5.2% to close at $67.61. Brent traded down $3.76 or -4.9% to close at $73.69.