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Updated Saturday, July 4, 2009 11:41 am TWN, AP

PVM oil brokerage loses US$10 mil. on rogue trades

LONDON -- PVM Oil Associates, the world's biggest over-the-counter oil brokerage, says it lost nearly US$10 million this week because of unauthorized trades that caused a temporary spike in Brent crude markets. The firm said in a statement late Thursday that it was investigating the trades, which drove up the price of Brent futures by more than US$2 in one hour early Tuesday London time.
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