TELECOM Digest OnLine - Sorted: Web Site Error Rocks Global Oil Markets

Web Site Error Rocks Global Oil Markets

Reuters News Wire (reuters@telecom-digest.org)
Thu, 31 May 2007 11:27:22 -0500

World oil prices jumped briefly on Wednesday after a television station
in Tulsa, Oklahoma -- the No. 62 U.S. media market -- posted an
erroneous story about a refinery fire on its Web site.

At 10:14 EDT (1414 GMT), 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.

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.

A string of refinery problems in the United States has propelled
retail gasoline prices to record highs in recent weeks.

Copyright 2007 Reuters Limited.

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