Exchange Probes Oil Hikes, Rumors
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NEW YORK — The New York Mercantile Exchange, the world’s largest oil exchange, today said it has begun a probe of whether members profited by planting rumors to drive up oil prices during the Persian Gulf crisis.
A Merc spokeswoman said the exchange’s compliance department was looking into Monday’s trading, when prices soared $1.60 a barrel in the last 10 minutes and $2.60 a barrel in the last hour.
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