Oil Trader Nets Estimated $125 Million on Suspiciously Timed Bet Ahead of U.S.-Iran Deal Report Nearly 10,000 crude oil short contracts, valued at approximately $920 million, were placed at 3:40 a.m. on Wednesday, May 6, without any major news event, according to market commentary platform the Kobeissi Letter. At 4:50 a.m., Axios reported that Washington and Tehran were nearing an agreement to end the conflict and resume negotiations. Oil prices dropped more than 12% within two hours of the report, generating an estimated $125 million profit from the short position before prices rebounded, the Kobeissi Letter said. [1] The trade…
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