[legion]

It seems that oil traders have been extremely bullish on oil since Hurricane Katrina. Any piece of news that can lead to higher oil prices drives the price of a barrel up several dollars on its release (regardless of impact). Any piece of information that could deflate the price of oil seems to be largely ignored. For the last three years, there has been a definite bias to how "the market" reacts to oil-related news.

Violence in Nigeria? The price of crude goes up.

Violence over? The price stays flat.

Gasoline inventories up? That means there is more demand (by refineries)--the price of crude goes up.

Gasoline inventories down? That means there is less supply--the price of crude goes up.

My question is: Are oil traders sheep? Are they just mindlessly following the herd?

OR...

Are they being bribed? Are countries like Iran, Venezuela, or Russia bribing oil traders to act this way?

Just a thought...