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Speculation Is Behind the Run Up in Oil Prices: Expert

Thursday, 1 Mar 2012 | 5:20 AM ET

Dan Weiss, director of climate strategy, at Fulcrum Securities, told CNBC, "there is that old saying, buy on the rumour and sell on the news and speculators are driving up the price, taking advantage of fears of a supply disruption in the Persian Gulf which has not materialised yet and I think that has led them to churn a lot more contracts."