Oil drops $1 abruptly; tech stops, gold fall cited
NEW YORK, Oct 11 (Reuters) - U.S. crude oil futures fell abruptly in early New York trade on Friday, deepening the day's losses to more than $2 per barrel in a move that traders said may have been linked to a sudden plunge in gold or technical sell-stops.
U.S. crude for November delivery fell from $101.80 a barrel to just below $101 in about 20 minutes around 9 a.m. EST. It was later trading down $2.09 at $100.92 a barrel. Brent crude also dropped sharply, trading down $1 at $110.80, with no apparent outside events having triggered the drop.
Gold prices had fallen by some $20 per ounce several minutes prior to the move oil. Gold was trading close to two percent lower after hitting a low of $1,264.80.
Some traders have also cited talk of possible fund positioning behind sharp moves in oil prices over the past few days, including the 2.5 percent rally on Thursday.
(Reporting By Jeanine Prezioso)