US probes whether traders profited off tips on Russia at Opec+
[BENGALURU] The US is probing whether traders with inside information on Russia's discussions with other oil producing countries profited from illegal wagers on crude price swings, Bloomberg News reported on Wednesday, citing people close to the matter.
The Commodity Futures Trading Commission (CFTC) probe is focused on whether aspects of the strategy that the Russian government pursued last month with other members of the Opec+ coalition leaked out to market participants ahead of time, according to the report.
For the same reason, Britain's Financial Conduct Authority (FCA) is also investigating the trades in futures contracts, the report said.
While the traders involved were not Russian government officials, the entities that made the bets do employ individuals with ties to the Kremlin, Bloomberg News reported, adding that the names of the traders could not be identified.
The CFTC is mainly scrutinising transactions involving CME Group Inc West Texas Intermediate contracts that expired before Monday's price swoon, according to the report.
A CFTC spokesperson declined to comment, while the FCA did not immediately respond to a Reuters request for comment.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop