Web site cock-up caused oil price rise

"Completely wrong" tale pumped up the price

By Nick Farrell

Thu May 31 2007, 15:27

WORLD OLI PRICES jumped after a television station in Tulsa, Oklahoma posted a bogus story about a refinery fire on its Web site.

KOTV claimed that a lightning strike had caused a fire at an Oklahoma refinery. Energy traders got all excited and US crude prices shot up by 40 cents a barrel. Later the refining company announced the story was "completely wrong" and the station withdrew the story.

Oil prices are back down to normal again. Analysts say that things like this happen when the oil industry is under pressure and people read the Internet too often.

More here here.

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Web site cock-up caused oil price rise

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