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Record spike in crude price

10/06/2008
By NINA RACH
On its last day of trade Sept. 22, the October contract for benchmark US light, sweet crudes shot up $16.37 to $120.92/bbl in the largest 1-day price jump ever on the New York Mercantile Exchange, prompting an investigation by the Commodity Futures Trading Commission.Stephen J. Obie, acting director of CFTC’s enforcement division, promised his staff would “scour” trading activity for that day in search of illegal manipulative activity. CFTC can compel testimony under oath and subpoena oil market records, including recent trading. But some traders blamed the spike on an unidentified large oil company scrambling to cover its short positions. Analysts in the Houston office ...
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