Yesterday morning was interesting.
Numerous media outlets published stories saying that Russia was cutting off oil supplies to Belarus, and thus with it, supplies to markets in West Europe. These stories were all released around 5-7 AM EST, just in time to panic the US futures markets.
This caused a healthy spike in oil prices hitting almost 82 dollars a barrel. By 10:30 the press was recanting the story. No worries all is well! Belorussian oil refiners say there’s been no stop or slowing of supply, and it looks like an agreement is forthcoming for 2010.
So oil starts to fall back, hitting the high 70s at the intraday low.
Between 10:30 & 11:00 EST there’s suddenly new reason for concern; 4 days into January and it’s looking like Global Warming is causing an especially cold European winter! (Don’t even get me started on the Western Farce that is ‘global climate change’). So up again goes oil closing at nearly 82.
Now I’m gonna come right out and say it. When you have mafia goons, like exiled Boris Berezovsky, who are enormously invested in both the media and oil, and a COMPLETELY FABRICATED story causes a market spike, an hour or so for for profit taking, and ANOTHER spike it is blatant market manipulation plain and simple.
If yourself or someone you know bought into oil futures yesterday you should be calling for investigations, prosecutions, and restitution.
