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Author Learsy: ‘Price of oil is rigged’

Posted on 07 August 2013

“The price of oil is rigged,” alleges author and former trader Raymond Learsy. Prices for most other commodities have dropped and there’s a bountiful supply, Learsy writes in an article for The Huffington Post. U.S. commercial crude inventories are near all-time highs, domestic oil production is about a million barrels a day higher than it was last year, weekly gasoline inventory is up substantially and Chinese demand is flat or down.
So why has the price of oil increased 9.5 percent in the last month? Because of manipulation by speculative traders, Learsy argues………………………………………..Full Article: Source


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VRS - who has written 39433 posts on Opalesque Commodities Briefing.


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