I don’t know how it has been reported elsewhere, but in the UK much of the media has claimed that the trader who took oil over a $100 a barrel did so to get his name in the record books. When my wife heard such a report on the BBC, she immediately turned to me and explained a more plausible reason. “More like because he wanted to knock some option in or out,” she laughed.
My own equally as cynical theory was that he must have had some tanker delivery benchmarked against the close and simply wanted to ramp the price up.
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