Oil surge blamed on rogue trader
A ROGUE trader has been blamed for a spike in the price of oil on Tuesday. Crude oil rose $2 to $73 a barrel at one point as trading levels rose many times higher than normal.
Oil broker PVM Oil Associates has confirmed it is investigating unauthorised trading by one of its staff, which cost it almost $10 million (6m). The London-based firm said that on discovering the unauthorised trading positions it unwound them in an "orderly fashion".
While it did not name the alleged rogue trader, it is widely reported to be senior broker Steve Perkins, who is now facing an investigation by ICE Futures Europe exchange.
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Weather for Edinburgh
Wednesday 16 May 2012
Today
Light showers
Temperature: 6 C to 12 C
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