The “Arabi 21” website reported that global markets witnessed intense and unprecedented financial activity in oil trading, as hundreds of millions of dollars were traded within a few minutes, which raised doubts about the existence of information leaks for some traders.
According to BBC Radio, market data revealed that trading activity in West Texas Intermediate crude futures reached record levels before US President Trump announced the postponement of strikes on energy facilities. Minutes before these developments, at 06:49 AM EST, 734 transactions had been executed, and then this number jumped dramatically to 2,168 transactions in the next minute, with a total value of approximately $170 million. This pattern was repeated with Brent crude contracts, where trading volume increased from 20 deals to more than 1,650 deals, equivalent to about $150 million.
Analysts point out, according to the BBC, that these numbers are considered abnormal compared to the usual activity at this time of day, which raised questions about the possibility of some traders benefiting from confidential information.
As a result of these sudden market movements, oil prices saw a sharp decline of about 14% within a few minutes, reaching around $84 per barrel, allowing some traders who bet on this decline to make significant profits.
The Financial Times quoted a US administration spokesman as saying that the government “does not tolerate any official who illegally benefits from internal information.”
“There were no signs of political moves or serious talks at the time, so the placement of this amount of money raises questions,” said Mukesh Sahdev, senior oil analyst at XAnalysis.
Rachel Winter, partner at Kilic & Co. Wealth Management, confirmed: “Minutes ago, a large number of traders bought contracts that would allow them to profit from falling prices.” (Arabic 21)
