2020 was the most volatile year for oil prices since 1987US Energy Information Administration (EIA) has daily data on Brent crude prices since May 20, 1987. To be sure, the EIA data excludes the period of the oil-shock of 1973, when oil prices jumped in a big way. For 2020, the highest inter-day rise was on 7 April 2020 when the index values gained 8.97% which was also the 10th highest historically. It is the biggest inter-day fall since the Black Monday crash of 19 October 1987, when it fell by 22.61% which was also its biggest inter-day fall in the history of the DJIA. Global Policy Uncertainty also peaked in 2020While commodity and financial markets are driven by speculation to a large extent, not all of the volatility in 2020 can be blamed on profit-driven speculation.

Source: Hindustan Times December 27, 2020 22:43 UTC