Oil trader denies manipulation

Oil trader Arcadia Petroleum has vigorously denied claims that it attempted to manipulate oil markets in early 2007, preceding a price rally that saw the price of a barrel soar over $140 (£85.90). The US Commodity Futures Trading Commission (CFTC) has sued two oil traders and their employers, Arcadia and Parnon, for an alleged manipulation that the regulator says resulted in $50m in profits. Arcadia’s chief financial officer Colin Hurley said: “The CFTC is wrong on both the facts and the law.” He said the charges were “completely without merit”.