'Round trip' costs oil giant BP £1.5m

British energy giant BP has agreed to pay more than £1.5m (€2.12m) to the New York Mercantile Exchange to settle charges of improper crude oil trading activity.

BP did not admit any wrongdoing in the settlement, said Nymex spokeswoman Nachamah Jacobovits.

Nymex had charged the company with ten separate counts, including engaging in round-trip trading, and in conduct that was detrimental to the exchange, Jacobovits said.

Round-trip or wash trades refer to sales of the same commodity with the same buyer or seller, for the same amount at the same price. Many say they serve no legitimate business purpose and have been used by companies to boost volumes and revenue.

“We have put the matter behind us and look forward to strengthening our relationship with Nymex and continuing to make use of their market,” said Scott Dean a BP spokesman.