Oil Crashes Into Bear Market After Biggest Stock Build In 30 Years

Oil prices collapsed into a bear market today (down 22% from highs) after a surprise build across all products produced the biggest aggregate inventory build since 1990…

“It’s the perfect storm, in a way, of increased supply coupled with perceptions of slowing demand growth,” said Marshall Steeves, energy markets analyst at Informa Economics in New York.

WTI tested down to a $50 handle (before ramping into the close) – the lowest since January 9th…

Brent fell back below $60 for first time since Jan…

Both down around 22% from recent highs, which stocks are summarily ignoring for now…

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Author: Tyler Durden

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