2004 crude prices most volatile

For those who suspect that crude prices were unusually volatile in 2004, Paul Horsnell of Barclays Capital Inc., London, has a simple explanation: they were."There has been a significant increase in price volatility, both within and between trading days," said Horsnell in a pre-Christmas report. "Over the past 3 months, crude oil prices have moved in five exaggerated swings, in broad sweeps taking West Texas Intermediate from $45[/bbl] to $55, back to $45 and then up to $50, down to $40, and now back above $45. So far this year, the daily trading range for WTI has been $1[/bbl] or more on no less than 142 trading days, compared [with] 121 in 2003, 71 in 2002, 18 in 1999, and just 7 in 199...

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