Brent spiked higher than $125 on information of an explosion of a Saudi pipeline. It turned out to be just a rumor
Once that was clear the price dropped several dollars. There is a message from the price movement.
Traders and speculators have migrated from an orderly buying and selling of crude to one triggered moment-by-moment action based on a stream of information, some of it true and some not. Until global factors like the Iran oil embargo and OPEC plans are resolved the quick swings will continue.
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