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.<\/p>\n\n\n\n
Oil prices plunged today as the flight to safety assets increased today.<\/p>\n","protected":false},"author":2,"featured_media":8776,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-8994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n