Barclays was liquidating its remaining U.S. crude options positions early on Monday, according to two market sources, causing volumes to spike as the British bank closes down its energy business.
Reuters reports that the investment bank was seen selling all or part of its oil book, causing a surge in volumes in the U.S. crude options market early in the trading session, the sources said. They requested anonymity because details of the trades were confidential.
Barclays planned to close its energy business within its 'Macro' trading division, it said in an internal memo late last year, to focus more on interest rates and foreign exchange businesses.
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