The past week’s volatility in world capital markets and the outlook for the US economy, arguably unparalleled since the Second World War, expressed themselves in an extraordinary about-turn in the oil price yesterday (Monday September 22).
Monday was the last day of trading on the New York Mercantile Exchange in West Texas Intermediate crude for October delivery. Because of the extreme uncertainty in global markets, many traders found themselves wrongly positioned as the contract neared expiry.
The WTI October...