UNBELIEVABLE: Broker in Drunken Stupor Moves Oil Markets to 8 Month High

Quite an unbelievable news story - makes you wonder just how fifficult the oil markets are to manipulate:

On June the 30th 2009 oil mysteriously jumped by more than $1.50 a barrel during the night, to reach its highest price in eight months, the kind of swing that is caused by a major geopolitical event.

The amazing, true cause of this price spike has now been released by a Financial Services Authority investigation (FSA).

Although not authorised to invest company cash in trades Steve Perkins, a long standing, senior broker at PVM Oil Futures, had managed to spend $520 million on oil futures contracts throughout the night.

On the morning of the 30th an admin clerk called Mr Perkins to ask why he had bought 7 million barrels of crude during the night. Mr Perkins had no recollection of the transactions, and it turned out that he had made the trades during a “drunken blackout.”

Full article at: http://oilprice.com/Latest-Energy-N...-to-Eight-Month-High-in-a-Drunken-Stupor.html

 

What a legend.