May 31, 2007 at 3:37 Website error triggered oil price increase
World oil prices rose slightly on Wednesday after a local Oklahoma television station posted on its website false information about a fire at a refinery. KOTV channel, a division of CBS, has become embarrassed about the whole world.
TV reporters reported that lightning struck the plant. This caused a revival among stock traders, who are traditionally waiting for such news in order to quickly respond to them. The market is now very sensitive to negative news. In this case, the price of crude oil instantly jumped 40 cents.
Representatives of the refinery announced that the information about the lightning and the fire was "completely incorrect", and the news was soon removed from the website.
PS That's how people earn millions of dollars.
via Reuters
TV reporters reported that lightning struck the plant. This caused a revival among stock traders, who are traditionally waiting for such news in order to quickly respond to them. The market is now very sensitive to negative news. In this case, the price of crude oil instantly jumped 40 cents.
Representatives of the refinery announced that the information about the lightning and the fire was "completely incorrect", and the news was soon removed from the website.
PS That's how people earn millions of dollars.
via Reuters