Web site error rocks global oil markets

An error on the web site of TV station in Tulsa, Oklahoma, caused a spike in world oil prices today.

CBS affiliate KOTV reported that a lightning strike had caused a fire at an Oklahoma refinery -- sparking a flurry of excitement among energy traders and boosting U.S. crude prices 40 cents, according to Reuters. The refining company announced the story was "completely wrong" and the station withdrew the story.

"All it takes is a screw-up on a Web site to move the market. It just goes to show how tense this market is," said a Houston-based oil trader.

May 30, 2007 | E-MAIL | SAVE | PRINT | PERMALINK | DISCUSS(1)

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1 comments about 'Web site error rocks global oil markets'

I am just seeing this now and I wonder how the error affected oil exports from Nigeria since Nigeria is the fifth largest supplier oof crude oil to the U.S.

Posted by Michael Chima at May 31, 2007 6:49 PM

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