U.S. CFTC Fines Statoil For Market Manipulation

(RTTNews) - The Commodity Futures Trading Commission or CFTC issued an Order filing and settling charges against Statoil ASA (STO), an international energy company headquartered in Stavanger, Norway.

The CFTC Order found that from as early as October 2011 through November 2011, Statoil attempted to manipulate the Argus Far East Index (FEI) in order to benefit Statoil's physical and financial positions, including Statoil's NYMEX-cleared over-the-counter swaps which settled to the Argus FEI.

The Order requires Statoil to pay a $4 million civil monetary penalty and orders Statoil to cease and desist from violating rule.