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Oil trader loses $10 million

PVM Oil Futures is this evening at the centre of a rogue trading scandal with the announcement of losses approaching $10 million after a number of unauthorised trades were executed on Tuesday, 30 June. This was the day when the price of oil jumped significantly in a move which many believe was instigated and encouraged by these unauthorised trades.

The company reported the situation to the FSA and the various market regulators as soon as possible and a full and frank investigation is now under way. However, aside from the fact that a rogue trader was allegedly able to transact trades which have created a $10 million loss, many people believe this shows how fickle the oil market really is at a time when many people are suffering from increasing petrol prices.

As we have covered in a number of our recent post, many people believe that the cost of oil is the one major element which could slow down the eventual worldwide economic recovery. It is only now becoming apparent how important oil is in our everyday lives and its impact upon the cost of food and the cost of services in general. While governments continue to rake in significant tax income from fuel payments and oil companies it is the general consumer and businesses in the UK which are suffering.

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