07 Aug '12, 7pm

A fake tweet yesterday caused crude oil futures to rise more than 1 percent. Oops.

A fake tweet yesterday caused crude oil futures to rise more than 1 percent. Oops.

The international market that sets energy prices is a sophisticated system, informed by massive quantities of data and deep analysis, aimed at perfecting the balance of supply and demand. It is an elegant tool far beyond the comprehension of a layperson. Crude-oil futures bounced up over $1 at one point Monday after a false Twitter rumor exposed the oil market’s knee-jerk fear of Mideast turmoil . That big green bar at center? From a tweet. Click to embiggen. (Image courtesy of ForexPros .) The proper term for this is: derp. A Twitter account claiming to represent Vladimir Kolokoltsev, the Russian interior minister, tweeted at 9:59 a.m. New York time that Syrian President Bashar al-Assad had been killed or injured, followed by two tweets claiming to confirm the death. Between 10:15 a.m. and 10:45 a.m., futures for light, sweet crude rose from $90.82 to $91.99 a barrel on t...

Full article: http://grist.org/news/sophisticated-energy-markets-maybe-...

Tweets

Rising fuel prices got you down? Blame Twitter

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