Monday, September 22, 2008

oil posts biggest gain ever as 'bailout' powergrab looms

oil posts biggest gain everfrom bloomberg: Crude oil climbed more than $25 a barrel, the biggest gain ever, as traders scrambled to unwind positions on the October contract’s last day of trading. The more-active November contract rose $6.62. “This looks like a squeeze play,” said Phil Flynn, senior trader at Alaron Trading Corp. in Chicago. “All of the contracts are up, but nothing like October. This is the last day of trading and someone is scrambling to guarantee supply.”

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