"I would imagine the speculators are the biggest drivers today," said Phil Flynn from Alaron Trading in Chicago."
This was quoted on BBC and it surprises me how retarded speculators are. They also claim that pakistan is one of the reasons for higher oil prices even though pakistan has absolutely nothing to do with oil!!! I'm glad I want to be a banker
One, if your a commodities trader, you can pick off the speculators.
Two, a nuclear armed country which is experiencing major instability and is right near the major oil producing nations...nah that's got nothing to do with oil....
Actually:
"Wednesday's rally was set in motion by reports of militant attacks Tuesday on targets in Nigeria's main oil industry center of Port Harcourt that left 13 dead. The violence spurred fears that supplies from Africa's largest oil-producing nation, already hampered by past militant action, could suffer more disruption in the future.
A lethal bomb blast in Algeria, like Nigeria a member of the Organization of Petroleum Exporting Countries, added to supply worries. Also, all of Mexico's four oil loading ports were closed due to rough seas in the Gulf of Mexico and powerful winds on the Pacific coast, raising short-term concerns about Mexico's 1.7-million-barrel-a-day oil export flow."
Could you specify how, Jimbo?
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