True, False… Risk-on, Risk-off… Rumors impacted the market today and the rumors have already been denied per some wire reports. The rumor today was of an explosion at a pipeline in Saudi Arabia. The news sent oil prices higher, followed by a drop in equity prices. The reaction has been seen in the United States Oil Fund (NYSE: USO) and even in the United States Gasoline Fund LP (NYSE: UGA) with gains of more than two percent on each. The USO is up 1.9% at $41.67 and the gasoline ETF is up 2.8% at $57.65. Headlines have come out that the reports are untrue, but we would stress that it is now night there and there are miles and miles of active pipelines in Saudi Arabia and in the Middle East.
Rumor Bantering Of Saudi Pipeline Explosion
By
Jon C. Ogg
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About the Author
Jon C. Ogg →
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
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