Oil Falls Most in Eight Weeks as Investors Avoid Risky Assets
- WTI crude futures posted a 3 percent decline on Thursday
- U.S. oil inventories rise as refiners drop processing rates
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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.