Oil Sinks Into Bear Market as U.S. Storage Jumps Most Since 1990 - Bloomberg

Oil Sinks Into Bear Market as U.S. Storage Jumps Most Since 1990 - Bloomberg:

West Texas Intermediate crude entered a bear market and Brent tumbled below $60 after U.S. petroleum inventories ballooned, raising fears of a glut as trade disputes threaten demand.

U.S. crude settled 22 percent lower than its April peak after tumbling as much as 5.4%. Brent sank to the lowest since January. U.S. government data showed America’s total petroleum stockpiles grew by about 22 million barrels last week, the biggest jump in data going back to 1990. U.S. crude production also set a record, while imports climbed.

“I wouldn’t be surprised to see a real meltdown in the prices today,’’ Matt Sallee, a portfolio manager at Tortoise Capital Advisors LLC, said by phone. ‘‘Until something changes the mood, which maybe would be a breakthrough in trade, I don’t see any reason crude is going to improve over the next week.’’