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Abnormal $920M Oil Short Appears 70 Minutes Before Axios US-Iran Report
The Kobeissi Letter said nearly 10,000 crude oil short contracts worth about $920 million were opened about 70 minutes before Axios reported that the US was close to a memorandum of understanding with Iran to end the war. By 7:00 AM ET, oil had fallen more than 12%, leaving the trade with about $125 million in floating profit.