The Financial Services Authority is to examine whether Steve Perkins, the rogue oil broker who caused a worldwide spike in Brent crude oil prices last week, was under the influence of drugs or alcohol when he embarked on his dealing spree.

Perkins, a senior broker at PVM Oil, bought crude futures equal to about 9m barrels from his home in the early hours of Tuesday morning. He used a home computer with remote access to the oil futures trading exchange, for a spree that started at about 2am and lasted for eight hours. By the time he was finished, the price of Brent crude had shot up by more than $1.50 a barrel to $73.5, the highest level so far this year.

PVM did not discover the rogue trading until just after 10 on Tuesday morning. It closed the trades immediately, triggering almost £6m of losses, and Perkins was suspended.

A spokesman said: “PVM is conducting a full investigation. PVM expects the highest standards of conduct from its people and takes any contraventions extremely seriously.”

business.timesonline.co.uk