Single trader behind oil record
2008/01/03/1532RTFA: http://news.bbc.co.uk/2/hi/business/7169543.stm
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 claim.
The New York Mercantile Exchange said that US crude oil futures traded just once in triple figures on Wednesday.
Some analysts questioned the validity of the trade, though their concerns faded as oil set a record on Thursday.
New York light sweet crude climbed to a new high of 100.05 a barrel on Thursday.
Vanity trade
On Wednesday, one floor trader bought 1,000 barrels, the smallest amount permitted, and sold it immediately for 99.40 at a 600 loss