There are many differences between the Covid-19 and 2008 financial crises. But both illustrate the way market speculation can exacerbate dangerous price swings, particularly in tumultuous times.
A recent case in point: the plunge in US crude prices last month that resulted in part from a big sell-off of West Texas Intermediate futures contracts by the country’s largest oil fund, USO.
There have been many reasons for oil prices to crash, from the massive drop in demand due to the coronavirus lockdown to the petro-politics of Russia and Saudi Arabia. But another reason was the level of speculation in oil markets.
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