‘’The Market Is Untradable’’ Oil Traders Grapple With Extreme Volatility

Sparked by the Russian invasion of Ukraine and the potential of up to 3 million bpd loss of Russian supply, the extreme volatility in oil markets is here to stay, as traders have slashed open interest in oil futures to a seven-year-low.      The less liquid market is thus more prone to wild price swings, as seen in just two weeks, in which oil jumped and slumped by $40 a barrel in both directions. Since the beginning of March, oil prices have been more volatile than in the 2020 crash at the onset of COVID and the start of the…