$100 per Barrel Oil A Fabrication?

J.J. Jackson* | January 8, 2008

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.

Aw shucks! You mean it wasn’t a real price spike but just someone manipulating the market? Well – but it still it $100 per barrel. And that’s all most people will hear about right before Bush and the evil oil companies are blamed.

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