Report: Rising fuel prices got you down? Blame Twitter

The power of social media has revealed itself today in the form of fluctuation in fuel prices based on a false tweet.

According to The Wall Street Journal, a Twitter account claiming to be Russian Interior Minister Vladamir Kolokoltsv tweeted that Syrian president Bashar al-Assad had been injured or killed. That tweet which occurred at 9:59 AM EST, was followed by two more tweets alleging the confirmation of al-Assad's death.

In the hour following that tweet, light, sweet crude prices rose from $90.82 to $91.99, and the jump took place in between 10:15 and 10:45. According to the Reuters report, the Russian ministry denies firing off the tweets and denies any connection to the account.

Price Futures Group analyst Phil Flynn pointed out "a well-placed story can move the market,... [via Autoblog]