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Single trader behind oil record

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posted on Jan, 3 2008 @ 09:52 AM
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Single trader behind oil record


news.bbc.co.uk

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.
(visit the link for the full news article)


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Related AboveTopSecret.com Discussion Threads:
Alert! US Crude hits $100, Gold reaches new record




posted on Jan, 3 2008 @ 09:52 AM
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Would it not be nice to have one mad to blame for all the oil and gas woes. That wont happen. However in reading this article I could not help but think that it was intending to placate the reader. So what do you think? Are the powers that be trying to placate the masses over the price of oil? Or was it just as the story says, one man looking for fame?

news.bbc.co.uk
(visit the link for the full news article)



posted on Jan, 3 2008 @ 10:33 AM
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I wonder who the man talks to.



posted on Jan, 3 2008 @ 10:34 AM
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It was just somebody who wanted to have their name attached to a piece of history it was a paper trade made on the exchange..


Respectfully
GEO



posted on Jan, 3 2008 @ 10:42 AM
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Tough call.

On one hand I can see the down-playing of the event as to not over excite the masses, but... its not that much of a shock that oil would rise to that amount in the first place.

I think it will have an adverse effect on the oil market just because it reached a unattainable goal of 20 years ago.

Many moons ago $ 100 / barrel was not even a consideration, unfortunately in today's market the sky appears to be the limit.

I sometimes get the feeling they raise the prices just to see if they can, and what if any draw backs will occur. This could be considered as some type of 'global research' project, set up to see how much people will pay.

Even though it was over the mark for a short spell, this now acts a precident for future prices.

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.



posted on Jan, 3 2008 @ 11:03 AM
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Sorry guys. That was me.



posted on Jan, 3 2008 @ 11:15 AM
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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
$99.67.



posted on Jan, 3 2008 @ 12:11 PM
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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.



Grail
Of everything that has been said on this thread, I agree with what you said the most.
I hope some of the (insert descriptive adjective) some how read what you said.



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