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Tuesday, Sep 18
2012, 7:11 PM
Traders are still speculating about what caused the late selloff in crude oil yesterday. The...
Traders are still speculating about what caused the late selloff in crude oil yesterday. The Kilduff Report's Michael Fitzpatrick says it wasn’t a release by the Strategic Petroleum Reserve, nor was it some unusual trading activity. It was long liquidation, simple as that. JBC Energy adds that the fact that a selloff occurred for both Nymex crude and Brent “implies that this was no technical glitch, but rather a profit-taking strategy by major market participants that were worried about a price correction.”