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ICE declines comment on rapid Brent crude oil crash
Sept 17 |
Sept 17 (Reuters) - IntercontinentalExchange Inc said it had no comment on the high-speed sell-off in Brent crude oil futures on Monday, which saw prices fall by more than $5 a barrel in a matter of minutes.
Traders said the price action looked like an algorithmic trade gone bad due to the speed and the volume of the selling.
ICE is the home of the Brent crude oil contract in London.
U.S. crude oil futures and oil products, including RBOB gasoline and heating oil, also sold off between 1:52 pm EDT (1752 GMT) and 1:55 pm EDT.
CME Group, where U.S. crude primarily trades, said it was not aware of any technical issue that may have contributed to the selling on the New York Mercantile Exchange (NYMEX).
Brent fell from $115.20 a barrel at 1:52 pm EDT to an intraday low of $111.60 a barrel at 1:55 pm EDT.
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