Brokerage fraud brought spike in oil prices and a loss of $ 10 million

Oil broker brought a loss of 10 million dollars of his company, having taken unauthorized transactions on behalf of the company, reported BBC.
The company PVM Oil Futures claimed that „the victim of unauthorized trading in Tuesday, June 30 and it is currently conducting a complete investigation of the situation.
„As a result of a series of transactions, PVM has gained a significant position in oil futures. When this was disclosed, the company closed those positions in the traditional manner. PVM suffered losses of just under 10 million dollars, „says the official release of the company.
About what happened notified regulatory authorities of the island, which should address the problem. According to analysts, including fraudulent transactions have become a reason for the jump in the price of oil on Tuesday.
Then quotes the variety of Brent oil jumped to 73.50 dollars per barrel, however, before it comes to auctions. From then until today the price of raw materials inevitably go down as the session closed yesterday at 66.65 dollars per barrel.
PVM report that already exercised their business normally.

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Finance