Thursday, March 1, 2012

Oil Prices Briefly Move Higher on Fire Hoax

I hope the SEC gets to the bottom of this chicanery.


�The reports are completely untrue. They originated from Facebook and Twitter, and the pipeline is still up and running,� one official told Dow Jones Newswires.

Oil futures jumped over $110.55 a barrel in after-hours trading Thursday following a report from Tehran�s PressTV which said that an explosion destroyed pipelines in the �flashpoint� Saudi city of Awamiyah.
An online website called the Arab Digest posted a headline �Saudi Arabia�s Eastern Revolution hits the oil sector � pipeline under fire� and two photos of what it claimed was a pipeline fire. Neither photo showed a pipeline, and the fires didn�t appear large. The photos couldn�t be authenticated.  The site quoted what it said was an unidentified resident of Qatif calling the blazes a message to the U.S. to pressure Saudi Arabia for reform.
�This is just a false propaganda, and we are not going to entertain it,� a second Saudi official said.

I would like to see if this Arab Digest has ties to the Iranian regime or not. 

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