playing with crude
It was believed that big money was being made by manipulating the market with the news of Iran War and ceasefire. Now a report by Reuters has further increased these speculations. It has been told in the report how just before the announcement of ceasefire, crude oil was played and in just 2 minutes about 430 million dollars were printed from the F&O market.
This happened just one day. At the same time, if we talk about the whole of April, in about 20 days the market was manipulated and a sum of about 2.1 billion dollars was misappropriated. Just before the announcement of ceasefire, 4260 lots of crude oil were sold in one go, due to which the prices of crude oil fell by 15 percent in one go and about 430 million dollars were earned from this fall.
Earn money first, then ceasefire!
On Tuesday, just 15 minutes before US President Donald Trump said he would extend the ceasefire with Iran, traders placed $430 million in bets on falling crude oil prices. This is the third time this month, and the fourth time overall, that large and timely bets have been made on oil prices just before major announcements related to the Iran war. A combined bet in March was worth $500 million, while April’s bets totaled nearly $2.1 billion.
According to LSEG data, about 4,260 lots of Brent crude oil were sold simultaneously between 1954 and 1956 GMT, whose total value was about $430 million. This deal happened at a time when there is less trading volume after the market closes, due to which its impact on prices is more visible. At that time the price of oil was around $100.91 per barrel, which fell slightly to $100.66. A few minutes later, at 2010 GMT, Trump announced to extend the ceasefire, after which the price of oil fell rapidly to $96.83. The bets placed before this fall brought huge profits to the traders.
the game happened before
This is not the first time this has happened. Many such big bets were seen during March and April. Bets worth about $500 million were placed before Trump announced on March 23 that he would postpone possible military action. At the same time, bets worth $950 million were placed before the announcement of ceasefire on April 7 and $760 million before the news related to the Strait of Hormuz on April 17.
Overall, the value of such deals reached $2.1 billion in April alone, which deepens the suspicion that trading is being done in the market on the basis of inside information. American agencies are also investigating this entire matter. Although no party has yet officially confirmed market manipulation, the manner in which precise bets were placed before important announcements has raised serious questions on the transparency of the market. If it is proved that insider information has been misused, it could prove to be a major blow to the global commodity market.
Also read- Iran fired bullets on ships, then crude oil crossed 100 dollars!
