A gas flame burns behind oil field workers, May 30, 2011, in the desert oil fields of Sakhir, Bahrain. THE CANADIAN PRESS/AP, Hasan Jamali
NEW YORK, N.Y. - Oil plunged suddenly Monday afternoon, dropping more than $4 per barrel at one point in a dramatic end to an otherwise quiet trading day in New York.
Benchmark crude fell $2.38, or 2.4 per cent, to finish at $96.62 a barrel on the New York Mercantile Exchange.
That's the biggest percentage decline since July 23. Oil plunged below $95 per barrel during the sell-off.
Traders were unsure of the cause of Monday's price drop.
Some questioned whether an errant trade or another rumour about a release of oil from the Strategic Petroleum Reserve was to blame.
The White House has been considering tapping the SPR to stem the rising cost of crude and gasoline.
A little over a week ago, Reuters reported the Obama administration was considering a release much larger than the 30 million barrels from last year.
Oil rose 2.7 per cent last week and touched a high above $100 a barrel after getting a boost from the Federal Reserve's latest plan to spur the U.S. economy. Concerns that unrest in the Middle East over an anti-Islam film could trigger supply disruptions were a contributing factor.
Brent crude, which is used to price international varieties of oil, fell sharply as well. Brent lost $2.91, or 2.9 per cent, to $113.77 a barrel on the ICE Futures Exchange in London.
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(TSX:ECA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN, TSX:CVE)
© The Canadian Press, 2012
17 Sep, 2012
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Source: http://www.globalnews.ca/Money/oil+drops+more+than+2+per+cent+after+holding+slight+gain+most+of+day/6442716280/story.html
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