PVM Oil Futures' rogue trader costs company around 10m

A ROGUE trader has left a London-based oil brokerage with losses of almost $10m (&pound;6m) following a series of unauthorised trades two days ago which are thought to have caused a spike in global crude prices.<br /><br />PVM Oil Futures issued a statement yesterday after talk of irregular trading swept through London and Asian oil markets on Wednesday<br /><br />&ldquo;PVM can confirm that it was the victim of unauthorised trading on 30 June,&rdquo; the statement said.<br /><br />&ldquo;As a result of a series of unauthorised trades, substantial volumes of futures contracts were held by PVM.&rdquo;<br /><br />The unauthorised trades on Tuesday are widely believed to have caused global crude oil prices to spike to their highest level in more than eight months, in a move traders and analysts had previously struggled to explain.<br /><br />PVM said it was conducting a full investigation and that it had informed the Financial Services Authority (FSA) regulatory body, and the InterContinental Exchange (ICE) where the majority of North Sea Brent crude oil futures trade.<br /><br />The company did not name the person responsible for the trades.