Mystery $170 Dubai Oil Bidder Unmasked as Trafigura; Prices Plunge
Source: zerohedge.com
- A mystery trader bid Dubai crude oil futures to $170 per barrel, sparking a huge price spike.
- The trader was identified as Trafigura, a major commodity trading firm, who then canceled the bid.
- Asian oil prices plummeted over 5% afterward as the market unwound the artificial surge.
Asian oil prices crashed after a bizarre bid drove Dubai crude futures to absurd levels. The trader behind the $170 spike was revealed as Trafigura, a top global energy trader, who placed and then canceled the massive order. This exposed how single trades can jolt markets, raising questions about trading practices and oversight in oil benchmarks.