The CBOE Crude Oil Volatility Index, which measures expectations of price swings, rose to the highest level since February 2009 on Thursday as West Texas Intermediate slumped to a 12-year low. That was accompanied by the highest aggregate trading volumes on record and rising open interest, according to exchange data. Oil is paring back some of those losses on Friday, advancing 4.8 percent to $27.46 a barrel on the New York Mercantile Exchange.
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