Oil prices are on the rise again as the world is getting jittery on the recent Iraq crisis. Oil price is hovering around $106 per barrel. But there are analysts who are predicting $150 per barrel if the Iraq crisis worsens. Think about the airline industry how badly it gets affected whenever oil prices start rising.
In a recent Financial Times articles, it is revealed how Delta Airlines complained to the CFTC about commodity traders who were pushing the prices of oil just speculating. According to Delta, the action of these commodity traders was detrimental to the global economy.
When no action was taken, Delta hired a veteran commodity trader as vice president of fuel and authorized him to make a purely speculative trade in heating oil that would make Delta $100m. You can read the full Financial Times article here.