The Chicago Board Options Exchange crude oil volatility index yesterday reached an eight-month high. In the six days until February 24, the index spiked 38.2% to reach 42.62, as the protests in Libya escalated and the country reportedly declared force majeure on some oil products exports on February 22.
Higher oil volatility means costlier oil options, and for corporates this effectively means paying more to insure against future oil price rises. So the spike in volatility has made corporates in
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