Wow! Among traders, anxiety and worry is in the air; you can smell it everywhere, and it carries the lovely scent of lite sweet crude. Check this AP news release:
By Stevenson Jacobs, The Associated Press
NEW YORK – Oil prices briefly spiked more than US$25 a barrel Monday, shattering the record for the biggest one-day gain as unease about the government’s $700 billion bailout plan pummeled the U.S. dollar and spurred investors to buy safe-haven assets.
An expiring crude contract added fuel to the frenzied rally on commodities markets.
Light, sweet crude for October delivery jumped as much as US$25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37 at the close. The contract expired at the end of the day, adding to the volatility as traders rushed to cover their contract positions.”