Oil Futures Exodus Biggest Since Lehman Demise: Energy Markets
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Investors are exiting the oil- futures market at the fastest pace since the collapse of Lehman Brothers Holdings Inc. amid evidence the global economic recovery is slowing.
Bets on West Texas Intermediate crude slumped 13.2 percent in the 60 days through July 20 to the lowest level since November, data from CME Group Inc.’s New York Mercantile Exchange and London’s ICE Futures Europe exchange show. The last time open interest fell more was the 13.7 percent decline over the similar period through Oct. 7, 2008, three weeks after Lehman filed for the biggest bankruptcy in U.S. history.