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Oil broker PVM hit by trading loss

Oil broker PVM today said it has lost just under $10 million due to unauthorised trading in Brent futures contracts on June 30.

    • Roderick Bruce
In an email statement to newswires, PVM Oil Futures director Robin Bieber said that "as a result of a series of unauthorised trades, substantial volumes of futures contracts were held by PVM. When this was discovered the positions were closed in an orderly fashion. PVM suffered a loss totalling a little under $10 million".

PVM has begun an investigation and has informed the UK's Financial Services

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