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Shell blames high oil price on speculators

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Oil traders have gambled $100bn on the price of oil going up, and so helped to sustain the price of a barrel close to record levels, according to Shell.

Shell boss Jeroen van der Veer said: “From a physical point of view, there is no reason to panic. There is nobody waiting at a gasoline station in the world because there is a lack of gasoline. We can see more than $100bn of basically what is called speculative money in the oil market. Those are the orders of magnitude. They certainly play a role in the price of oil.”

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