02 July 2009 13:11 [Source: ICIS news]
LONDON (ICIS news)--Independent oil broker PVM Oil Futures Ltd suffered a loss of just under $10m due to unauthorised trading on 30 June, the company said in a statement on Thursday.
The trades are believed to have caused a spike in ICE Brent futures in the early hours of trading in ?xml:namespace>
The ICE Brent futures price on 30 June opened at $71.30/bbl and gained sharply to hit a high of $73.50/bbl, up $2.51/bbl from the previous close. By the time
By midday in
PVM said that due to a series of unauthorised trades, it held a substantial volume of futures contracts at the time, which were then closed.
“When this was discovered, the positions were closed in an orderly fashion,” the company said. “PVM suffered a loss totalling a little under $10m.”
PVM said it was conducting a full investigation into the unauthorised trading activity.
PVM Oil Futures Ltd is one of the largest brokers on the Brent market.
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