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U.S. Probes Whether Traders Profited Off Tips on Russia at OPEC+

  • CFTC said to examine suspicious wagers involving oil futures
  • Inquiry focused on whether Russia’s stance with OPEC+ leaked
    
Photographer: Andrey Rudakov/Bloomberg
Updated on

The U.S. is investigating whether traders with inside information on Russia’s negotiations with other oil producing nations made hundreds of millions of dollars from illegal wagers on crude price swings, according to two people with direct knowledge of the matter.

The Commodity Futures Trading Commission 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, said the people who asked not to be named because the scrutiny isn’t public. For the same reason, the U.K.’s Financial Conduct Authority is also investigating suspicious trades in futures contracts, one of the people said.