Single trader behind oil record

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.

…”He paid $600 for the right to tell his grandchildren that he was the first in the world to buy $100 oil.”

BBC