Polymarket and other prediction platforms driving oil market, traders say

Datafeeds from platforms being used to create algorithms that determine multimillion-dollar trades on global market

Energy traders say online betting platforms are directly driving the global oil market as they increasingly rely on anonymous prediction markets to determine multimillion-dollar trades.

Market experts have said that datafeeds from prediction platforms such as Polymarket are being used to create the algorithms that influence trading in the global Brent crude futures market.

The “widespread” use of Polymarket in oil futures trading has emerged amid concerns that anonymous account holders may be using insider knowledge to place bets.

Energy traders have raised concerns that the platform could also be used to influence pricing in the global oil market.