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Oil Rogue

Javier Blas and Izabella Kaminska, writing for The Financial Times, describe how a rogue broker caused the oil price spike on Tuesday, June 30.  His firm, PVM Oil Associates, the world’s largest over-the-counter oil brokerage, lost approximately $10 million in closing the roguish deals in futures contracts.  The $10m loss is a heavy blow for PVM, which reported profits of just $5.6m in the year to July 2008, according to its accounts.  Read the whole story here.