Oil Just Tanked Out Of Nowhere...

Trying to get to the bottom of this.

Oil just tanked.

Here’s the USO (ETF), which is a decent intraday proxy, falling nearly 3% in a flash.

There’s some chatter it’s a fat finger, and others wondering if there’s some kind of Strategic Oil Petroleum related news. UPDATE: Another source suggests Strategic Petroleum Chatter is a possible culprit.

UPDATE II: The White House is denying (via CNC) any movement on the SPR. Another thing being talked about is the selloff in TIPS, suggesting a general lowering of inflation bets.

More to come as we figure it out.

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Photo: Yahoo Finance

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