Friday, June 6, 2008

This really pisses me off.

"Oil prices have shot up more than $10 to a new record above $138 a barrel after a Morgan Stanley analyst predicted prices could hit $150 by the Fourth of July."

No one else sees market manipulation going on here? Morgan Stanley has tons of money in the oil commodity market. One of their analysts says "$150 by July 4" and the price of oil goes up by $16 per barrel in two freaking days. This follows what had been strong weakness in oil as it had dropped by $10 per barrel in under a week.

If that's not manipulating the market then I don't know what is.


Plang said...

I read an article over the weekend that discussed the "oil bubble" and predicted it bursting sometime over the summer. All it takes is one big speculator to decide to cash out and it will start a flurry of sells. Of course, until the dollar strengths some more this probably won't happen.

boilerdowd said...

Let's wish for that to happen; afterall, what goes up has to come down.