Traders Placed $800 Million Bet on Oil Price Drop Before Announcement

Anonymous traders placed an $800 million bet that oil prices would decline on March 23. Fifteen minutes after the wager, a presidential announcement triggered a drop of more than 10 percent in oil prices.

The position was taken by anonymous traders and has not been connected to any specific individual. It remains unknown whether the bet involved inside information or originated inside the United States.

If the traders possessed advance knowledge of the announcement, the transaction would rank among the largest insider-trading cases in recent memory. If the traders acted without prior information, the move would stand as one of the most profitable single-day wagers in years. 15 minutes later, a presidential announcement sent oil crashing more than 10%.