There was a good commentary posted yesterday by a reader explaining the reserve diversification that is taking place with oil over $100 a barrel. If I ran a Mideast oil producing country, I would bring out the “stunt” demonstrators on any dip in price below $100. Send the footage to the Western media and sit back. So expect bids to appear in EUR and GBP on any significant sell off.
This is similar to the stunt traders banks employ when clients are visiting dealing rooms. Stunt traders look nice and are less likely to swear; will have their shirt tales tucked in; not oggle any female guest; and not have the sauce from the meatball sandwich they had for lunch still on their face.
