Brent Crude Tops $107; $5.67 Million Liquidated in Futures Market in One Hour

Brent crude, the global oil benchmark, rose above $107 a barrel as international oil prices extended their gains.

BlockBeats reported on April 29 that Brent crude on decentralized exchange TradeXYZ climbed past $107 a barrel, up more than 3.6% from a day earlier.

Open interest in Brent crude and West Texas Intermediate contracts on TradeXYZ each exceeded $250 million that day. BlockBeats said the two contracts ranked third among traditional finance products by open interest, behind the S&P 500 and S&P 100.

The surge also sparked liquidations in the Brent crude futures market. About $5.67 million in positions was liquidated over the past hour, the report said. BlockBeats added that this was the largest liquidation across the entire crypto network during that period.