Oil Falls Most in Eight Weeks as Investors Avoid Risky Assets - Bloomberg

Oil Falls Most in Eight Weeks as Investors Avoid Risky Assets - Bloomberg:

Crude posted the biggest decline in eight weeks as a risk-off sentiment spread through global markets.

Futures tumbled 3 percent in New York on Thursday. Investors eyed a sixth day of U.S. equity losses along with heightened volatility. Meanwhile, domestic crude stockpiles rose for a third straight week as refineries conducted seasonal maintenance, processing less oil, according to data from the Energy Information Administration.

“The enhanced volatility in the market in general is spilling over into energy, as investors are reducing risk,” said Rob Thummel, managing director at Tortoise, which manages $16 billion in energy-related assets. “When you have volatile equity markets, the risk-off trade is happening and you’ve got a third consecutive build, that’s generally not a good recipe for crude oil prices.”