Record Day For IPE Brent Crude Futures

Traded volume in IPE Brent Crude futures set a new daily record yesterday trading 145,825 lots, the equivalent of over 145 million barrels of crude, which is twice the level of daily world production. The previous record was 141,611 on 10th April 2001. Total daily volume for all IPE contracts yesterday was 191,544 lots.

The increase in volume accompanied a fall in prices, the prompt November contract posting a low of $21.70 before settling at $22.02. The fall was attributed to recessionary fears and was the biggest single-day fall in oil prices since the 1990 Gulf war.