Selling pressure was seen in trading of crude oil futures as CME Group raised trading limits for several energy contracts after halting the trading session in New York. The sudden step by CME Group was taken in reaction to increase in US oil stockpiles.

Crude oil futures contract for June delivery plunged to $97.50 per barrel but later on settled around $98.21 per barrel on New York Mercantile Exchange reporting the fall of 5.5 percent or $5.67.

CME Group which owns New York Mercantile Exchange ceased trading in crude oil, heating oil and gasoline futures contracts as the gasoline contract for June delivery reached its daily price limit. The parent body also increased daily price limits of crude oil futures to $20 and for gasoline and heating oil to $0.50.

Macro strategist Richard Hasting from Global Hunter Securities commented, “Lots of eyes were focused on any slight jump in [U.S.] fuel inventories. They got it and assumed the bull’s kaput, the resulting move in price was big enough to get the CME to halt trading, which only worsens the extreme views.”

Gasoline futures contract for June delivery also declined 9 percent to $3.077 per gallon but later on settled around $3.12 per gallon reporting the fall of 7.6 percent or $0.26.

Both crude oil and gasoline futures contract jumped on Tuesday’s trading session by 1.3 percent and 3.1 percent respectively due concerns over the flooding in Mississippi Delta which is expected to affect refining operations.

Heating oil futures contract for June delivery also dropped 3.4 percent of $0.10 to $2.90 per gallon while natural gas contract for June delivery slipped 1.5 percent or $0.06 to $4.18 per million British thermal units.