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London Traders Hit $500 Million Jackpot When Oil Went Negative
A small group of veteran traders at a tiny London firm pocketed as much as $500 million as price of oil plummeted.
06 Aug 2020, 01:46 AM IST
(Bloomberg Businessweek) -- On April 20 the price of a barrel of oil for delivery the following month plummeted $40 in an hour, settling at –$37. It was the first time crude had ever crossed into negative territory. Regulators, oil executives, and investors have struggled to understand how a commodity at the heart of almost every aspect of global trade had fallen so far that sellers had to pay counterparties to take it off their h...
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