Thursday, December 04, 2008
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Further headache for procurement as oil surges once more
The price of crude oil experienced its largest one-day rise on Monday, further illustrating the problems procurement faces in an increasingly volatile environment.
The increase, which at one point sent the price spiralling to $130 a barrel, came as data showed weaker supplies from Mexico, Nigeria and Saudi Arabia in recent weeks, and followed a slump in the value of the dollar as doubts over the US Government’s $700bn bailout of some of Wall Street’s biggest names persisted.
Following a frenzied day of trading the Commodity Futures Trading Commission, said it was “closely monitoring” the latest surge in oil prices for signs of market manipulation.
Others blamed the extraordinary increase on investors covering their short positions at any price.
“Somebody had to have a very good reason to continue buying in such an extraordinary fashion and the most likely logical explanation is that they were desperate to get out of a short position,” said Michael Witter, global head of oil research at Society General in London.
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