How Much Does Rumor Move Oil Markets?

[Marina Schwarz + 1,576]

After prices jumped on the UAE energy minister's recent comment about the OPEC deal I'm starting to suspect that rumor and casual (or not so casual) remarks are moving prices more than actual facts. I know this is not new but it's reached outrageous proportions what with the heightened volatility in oil prices. I'm really not sure how healthy this is but I'm sure there are people making a nice profit out of it.

[Missy + 43]

1 hour ago, Marina Schwarz said:

After prices jumped on the UAE energy minister's recent comment about the OPEC deal I'm starting to suspect that rumor and casual (or not so casual) remarks are moving prices more than actual facts. I know this is not new but it's reached outrageous proportions what with the heightened volatility in oil prices. I'm really not sure how healthy this is but I'm sure there are people making a nice profit out of it.

I think rumors definitely have the power to move markets, but in all fairness, the fundamentals have changed. Stockpiles are dwindling.