Bluegold denies market rumours

[Joanne98]

A denial from London-based hedge fund Bluegold that they are responsible for a drop in the oil price. Any investors out there who’ve got intelligence to share on this? Drop us a line.

RTRS-UPDATE 1-BlueGold says not behind oil fall
* BlueGold’s activity no different to last 6-7 months
* Denies “false rumours” surrounding operations
* “Toxic mix” pressures oil prices again on Friday

By Emma Farge and Joe Brock
LONDON, Feb 5 (Reuters) – BlueGold Capital, a hedge fund managing $1.5 billion, said it was not responsible for recent crude price falls after market talk it had sold long positions helped send oil down 5 percent on Thursday.
“We utterly and completely deny it,” Dennis Crema, chief executive officer of the oil focused fund, told Reuters by telephone. “Activity was no different from activity in the last 6-7 months.”
Crude oil futures fell on Thursday in heavy volume. Several traders and brokers at different firms said they thought the sell-off in crude was linked to a hedge fund quickly unloading a big oil position.
There was widespread talk among traders in New York and London that BlueGold was a large seller of long crude positions.
Crema said BlueGold was continuing business as usual. “We…deny any false rumours surrounding BlueGold’s continuing operations,” he added.

Continued>>>
http://blogs.reuters.com/hedgehub/2010/02/05/bluegold-denies-market-rumours/