Thursday, 27 Sep 2012
1:56 PM E
By: James Burgess
On June 30, 2009, oil mysteriously jumped by
more than $1.50 a barrel during the night, to reach its highest price in
eight months, the kind of swing that is caused by a major geopolitical
The amazing, true cause of this price spike has now been released by a Financial Services Authority investigation (FSA).
Although not authorized to invest company cash in trades, Steve Perkins, a long standing, senior broker at PVM Oil Futures, had managed to spend $520 million on oil futures contracts throughout the night, the FSA said.
the morning of the 30th, an admin clerk called Perkins to ask why he
had bought 7 million barrels of crude during the night. Perkins had no
recollection of the transactions, and it turned out that he had made the
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