Trader sparked oil rise
Updated on 03 July 2009
It has emerged that the cause of the alarming rise in oil prices this week was not a political crisis in the middle east but a trader placing a massive bet on the oil market.
The deal by a trader at PVM Oil Associates panicked the market, causing prices to shoot up by $2.50 per barrel in just an hour.
They hit $73.50, the highest price seen this year. The company lost £6m.
