Company PVM Oil Futures Limited named name broker who deals in its oil contracts caused the company damage by nearly $ 10 million.

London brokerage company said that its employee Steve Perkins on Tuesday concluded a number of major futures contracts for crude oil varieties Brent.

increased interest in futures contracts on Asian markets, led to Tuesday the price of oil rose to its highest level this year - 73.5 dollars per barrel.

Then, traders and analysts are hampered explain what caused this increase in oil prices.

Tuesday morning class Brent oil price for one hour grew by nearly $ 2.

During this time the contracts were awarded to supply 16 million barrels, which at 32 times the normal volume of trades.

When PVM Oil Futures Limited has sold futures contracts, the price of oil fell, bringing the company losses of almost $ 10 million.
In a statement

PVM Oil Futures Limited stated that the company's brokers did not have the right to perform transactions on the oil markets. Typically, brokers should assist trading parties, and not sell themselves.

In particular, the brokerage companies place orders on behalf of large banks and hedge funds.

This company does not comment on possible motives of action, Steve Perkins, who removed from his duties.

PVM Oil Futures Limited also announced that a investigation into the incident, and that it has notified the appropriate regulatory authorities.

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