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CNBC: Trading Group Fined for Driving Up Oil Price
The U.S. futures regulator on Monday fined a commodity trading group $12 million for pushing crude oil to $100-a-barrel for the first time in 2008...
On the first day of trading in 2008, Gavilon bid a $100 for single contract oil that changed hands on the floor of the New York Mercantile Exchange even as the electronic market was trading at a substantial discount...
Gavilon, which is owned by investment firms General Atlantic, Ospraie Management and Soros Fund Management, will pay the majority of the fine.
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