Oil plunge in New York raises speculation of massive sell-off by investment fund

22-Feb-13

Oil plunged by around three dollars in New York to less than US$95, while Brent futures dropped by about two dollars to US$115.60 in London. The unexplained plunge raises speculation of massive sell-off by an investment fund. One factor that could have resulted in downward pressure was news that oil-producer Iran was resuming negotiations with UN Security Council members Britain, China, France, Russia and the United States, plus Germany, said Cooper.