CME Group says will not cancel oil trades made during sell-off
NEW YORK, Sept 17 |
NEW YORK, Sept 17 (Reuters) - CME Group, the parent company of the New York Mercantile Exchange, will not cancel any trades made during the roughly 30 minutes when U.S. oil prices plunged some $4 per barrel on Monday, a spokesman said.
Traders and market participants still do not know what caused the steep and quick drop in prices but some blamed computerized, algorithmic trading.
NYMEX crude oil futures began to drop at 1:51 p.m. EDT(1751 GMT) while trading at $98.64.
Oil prices dropped to a low of $94.65 by 2:10 p.m. EDT.
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