Oil analysts struggled this week to explain why trading in West Texas Intermediate crude oil futures broke records on Tuesday April 13, at both the New York Mercantile Exchange and ICE Futures Europe.
Some 464,000 WTI Crude Futures were traded at ICE that day, and 1.4m Light Sweet Crude Oil Futures at Nymex.
The price of the Nymex contract fell 0.6% during the day from $84.36 at the opening of the market to a close of $83.83.
Analysts offered a variety of reasons for the high volumes, but could not give a compelling...