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The man behind the record rise in oil prices to $100 a barrel was a lone trader, seeking bragging rights and a minute of fame, market watchers say.
A single trader bid up the price by buying a modest lot and then sold it immediately at a loss, they said.
The New York Mercantile Exchange confirmed that US crude oil futures traded just once in triple figures.
But prices have since remained below that historic level and market analysts questioned the validity of the trade.
OIL: High trades on the Feb contract $100.09, meaning that the $100 bbl
hurdle has been resoundingly cleared. Yesterday, the contract traded at
$100 for a single contract between two floor traders, the buyer booking
an immediate modest loss, reports say. "But look at all the publicity he
got" for that small loss, one trader quipped earlier. Feb crude now at
Originally posted by Grailkeeper
What really pisses me off is people with this kind of money, enough to offset the buying of oil, can't think of anything else productive to do with their money other than show what kind of real a-holes they aspire to be.
Of all the poverty and suffering in the world, these are the people we hear about.