Oil Traders Brace for Big Egypt-Induced Price Swings
Oil remains the biggest trade — and perhaps the biggest risk for traders — as unrest in Egypt continues.
The volume of oil futures traded at the New York Mercantile Exchange exploded on Friday to an all time record high, according to some early reports.
While US oil prices surged $3.70 to over $89 a barrel on Friday, Brent crude prices in London were up $2, inching close to the $100 mark.
Electronic trading of Nymex oil futures begins at 6pm ET on Sunday for January 31st trading.
Europe would likely be more exposed than U.S markets from any disruption to Egypt’s key routes for oil transit — the Suez Canal and Sumed Pipeline — the volume on the London-based Intercontinental Exchange for Brent or WTI futures was not particularly high on Friday.