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PVM
’‘Rogue broker’ blamed for oil spike
A startling spike in oil prices on Tuesday to their highest this year was caused by a rogue broker who placed a massive bet in the Brent oil market, triggering almost $10m (€7m) of losses for his company.
PVM rogue broker update
We have confirmation of the PVM rogue broker story via an e-mailed statement from the company to the wires.
The flashes from Dow Jones read:
*DJ PVM Oil: Victim Of Unauthorized Oil Trading Tuesday
*DJ PVM Oil:
A rogue in crude at PVM
London-based oil brokerage PVM Oil Associates is understood to have parted company with one of its senior long-standing derivatives brokers after allegedly detecting a large unauthorised Brent ICE position on his book.