Who's responsible for $100 barrels of oil? One guy "seeking fame"

Well, the big news from yesterday that the price of a barrel of oil went over the $100 mark for the first time ever. The big news from today is that we have one guy to blame for this incident. According to the Daily Mail, a single trader who was "seeking his moment of fame" decided that being the first to pay more than $100 for a barrel of oil was the best way to make the papers. Man, how sad and lonely is that guy?

Anyway, this as-yet-unidentified trader bought 1,000 barrels (the minimum allowed) at $100 a pop, then turned around and sold them for $99.40. That means he bought his fame for $600.

As our friends at Autoblog point out, we won't need one idiot with a inferiority complex to push gas prices up over $100 the next time: Goldman Sachs predicts a barrel of oil could be priced at $105 by year's end.

[Source: Daily Mail via Autoblog]

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