US regulator blasts own agency’s report on crude price collapse

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Wed, 2020-11-25 00:54

NEW YORK: One of the commissioners of the Commodity Futures Trading Commission on Tuesday criticized as “incomplete and inadequate” the federal agency’s report on April’s plunge in oil futures deep into negative territory.

Dan Berkovitz, one of five CFTC commissioners, said the report, issued on Monday, “does not provide the public with an adequate explanation for the extraordinary price collapse” on April 20 in US crude oil futures.

On that day, the price of US West Texas Intermediate crude plunged briefly to as low as negative-$40 a barrel.

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