Broker Sent Oil Prices to Eight Month High in a Drunken Stupor

By
A A A

On June the 30th 2009 oil mysteriously jumped by more than $1.50 a barrel during the night, to reach its highest price in eight months, the kind of swing that is caused by a major geopolitical event.

The amazing, true cause of this price spike has now been released by a Financial Services Authority investigation ( FSA ).

Although not authorised to invest company cash in trades Steve Perkins, a long standing, senior broker at PVM Oil Futures, had managed to spend $520 million on oil futures contracts throughout the night.

Read More on International Business Times



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

Referenced Stocks: FSA

International Business Times

International Business Times
  • See all for International Business Times
  • View Print Version

More from International Business Times:

Related Videos

3 Defensive Fund Picks
3 Defensive Fund Picks              

Stocks

Referenced

Most Active by Volume

108,053,792
  • $75.2001 ▲ 5.48%
55,186,089
  • $8.32 ▲ 8.33%
46,069,038
  • $3.445 ▼ 0.43%
42,070,446
  • $17.8728 ▲ 0.52%
41,931,672
  • $36.21 ▲ 4.32%
38,782,456
  • $15.625 ▲ 0.68%
37,585,156
  • $35.4499 ▼ 1.20%
36,919,733
  • $96.98 ▼ 0.22%
As of 7/24/2014, 03:47 PM