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PVM Oil Futures, a London-based division of the world’s biggest broker of over-the-counter derivatives, has lost almost $10 million (£6 million) after falling foul of a rogue trader.
The unauthorised trades in the early hours of Tuesday morning are reported to have been brokered by Steve Perkins, a senior, long-standing trader in futures on the Brent oil contract. He is understood to have been suspended from his post.
A spokesman for PVM Oil refused to confirm the identity of the trader and said the company had launched an investigation and continued to operate normally.
The rogue trades are widely believed to have caused global crude oil prices to spike to their highest level in more than eight months – a leap that traders and analysts had struggled to explain. ........
Originally posted by Rockpuck
Personally, it's my belief that if you don't refine oil. If you don't make something with the oil. If you are not directly using the oil. Then you have no right to buy the oil. That would make it illegal for banks, funds, speculators, etc etc etc to raise or decrease the cost of oil, stabilizing prices and directly linking it to supply and demand.
Originally posted by Rockpuck
reply to post by tjeffersonsghost
Two main factors directly effecting oil:
Dollar strength.
Speculators.
I find it hilarious one man lost $10m and spiked oil across the World though.. ahh ... to have such power. If you're gunna quit, or want to be fired, that's the way to do it!
Personally, it's my belief that if you don't refine oil. If you don't make something with the oil. If you are not directly using the oil. Then you have no right to buy the oil. That would make it illegal for banks, funds, speculators, etc etc etc to raise or decrease the cost of oil, stabilizing prices and directly linking it to supply and demand.
After all. If you're buying mass quantities of oil and you don't use it in industry.. you're only doing such a thing to fluctuate prices and make a quick buck. If you ask me, the corporate taxes on citizens all over the World.