WHOA: What Just Happened To Oil Prices

Oil prices spent most of the day climbing steadily.

But then in the last few minutes of the NYMEX session, prices tanked.

The October futures contract ended closing down 1.2% for the day.

One of our oil trader contacts says there was no obvious trigger, but that it was likely to have been someone with a large position “fading” the market on news that the UK seems reluctant to join in any Syria strike.

Here’s the chart via FinViz:

Follow Business Insider Australia on Facebook and Twitter

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.