This twit...
An independent trader 'seeking his moment of fame' caused oil prices to hit unprecendented levels of $100-a-barrel yesterday following a single deal.
The buyer, who was trading on his own money bought 1,000 barrels of crude oil from a colleague, which is the minimum allowed.
Strangely, he then sold then back almost immediately, making a loss of $600. The move left industry insiders questioning the reasons behind the deal.
Stephen Schork, a former trader at Nymex and editor of the oil market Schork Report told the Financial Times: "A local trader just spent about $600 in a trading loss to buy the right to tell his grandchildren he was the one who did it.
"Probably he is framing right now the print reflecting the trade," he added.
The move has heaped pressure on the Bank of England for another cut in interest rates next week.
As a result of the record high in oil prices, consumers now face soaring fuel bills, while their spending is being squeezed by higher mortgage payments and rising energy bills.