Oil Prices Pop Higher On Saudi Twitter Rumor

Oil futures popped higher Wednesday, as fundamental reports, rumors and technical support all played a role.

Citing rumors on Twitter of a pipeline explosion in Saudi Arabia as among the reasons for the brief respite higher in price, a Wall Street Journal report said that a spokesperson for Saudi Armco, the Saudi oil company, had seen the rumors but was unable to confirm.

Oil futures contracts trading

At the New York Mercantile Exchange, the December contract for light, sweet crude had traded $78.36 per barrel, up $1.19 on the day.  Prices in the...