BP fined £1.6m in price probe

ENERGY giant BP has been stung with a record £1.6m fine to settle allegations that its traders rigged prices in the oil markets.

As exclusively revealed in the Daily Mail, US exchange and regulator Nymex probed 10 claims that Chicago-based BP traders broke its rules, including four counts involving 'conduct substantially detrimental to the interests and welfare of the Exchange'.

The Mail learned that Jimmy Dyer - a British national who became head of trading in Chicago - was at the heart of Nymex investigations. Dyer, who did nothing illegal, is believed to have made millions from trading.

On top of the fine - £160,000 for each of the claims - Nymex demanded that BP submit 'written procedures for the improvement of the supervision of trading activity; and to cease and desist from future rule violations'.

BP, which neither admitted nor denied the allegations, said: 'We are pleased to have reached agreement with Nymex and to have put this matter behind us.'

BP is also being investigated by the US regulator Commodity Futures Trading Commission over unrelated oil trading.