Oil remains lower after surprise plunge

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NEW YORK (CNNMoney) -- Oil prices remained under pressure Tuesday, less than a day after a sharp, sudden drop that had traders scrambling and economists scratching their heads.

The October contract for U.S. crude was down 48 cents to $96.14 a barrel. On Monday, the price of light crude dropped $2.38, or 2.4%, with the contract tumbling more than $3 in less than a minute late in the session.

"Energy prices were extremely volatile yesterday," wrote commodities analyst Stephen Schork, editor of The Schork Report. "The crude oil contract took a swan dive in the late afternoon despite a dearth of fundamental or economic news releases -- did another fund just explode?"

Schork theorized that the plunge in oil prices might have been caused several factors, including the pending expiration of the October contract, and Monday's drop in stock prices.

He said there was no obvious reason for Monday's sudden selloff. Theories for it included speculation that oil would be released from the Strategic Petroleum Reserve, but there was no confirmation that a drawdown had taken place.

Schork said there was also speculation that the U.S. Oil Fund had liquidated a large position or that a trader had made a 'fat finger' mistake by accidentally selling oil for a fraction of its worth.

Meanwhile, the price of gasoline slipped for a fourth consecutive day, to a nationwide average of $3.859 per gallon of regular, according to the motorist group AAA.

First Published: September 18, 2012: 7:09 AM ET

18 Sep, 2012

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Source: http://rss.cnn.com/~r/rss/money_topstories/~3/vcY1y9bJRwQ/index.html
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