Twitter to Blame for Increase in Price of Oil

Twitter Induced Rise in Oil Price 1 photo
We have observed the rise of Facebook and Twitter, over the years, we have witnessed their ascent from mere social networks, to global phenomenon status. Now, the power of Twitter has been demonstrated by a recent series of phony posts, which made crude oil prices rise from $90,82 to $91,99 per barrel.
How was this possible? Well, an account whose user claimed he was the Russian Interior Minister, Vladimir Kolokoltsv, posted a series of three tweets saying that Syria’s President, Bashar al-Assad had been killed. This lead to the aforementioned rise in the price of oil, because while Syria may not be a particularly important extractor of oil, they were expecting a rather negative reaction from Iran.

Couldn’t something have been done to bring the price down, instead of up? However, be aware of what you post on your Twitter and Facebook accounts, because it seems that these seemingly peaceful social networking sites have a lot more power than we realize - sadly, nobody seems to be using that power for good!

Stroy via The Wall Street Journal
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