FILE - This is a Nov. 30, 1998 file photo of financier Marc Rich shown in in Zug, central Switzerland. An associate of Marc Rich said Wednesday June 26, 2013, that the trader pardoned by President Clinton has died in Switzerland.(AP Photo/Guido Roeoesli File) NO SALES TV OUT
LONDON: Marc Rich, father of modern oil trading and founder of the group that became Glencore Xstrata, has died at the age of 78, the head of his philanthropic foundation said.
Many of the biggest players in oil and metals trading trace their roots back to Rich, whose triumph in the 1960s and 70s was to create a spot market for oil, wresting business away from the world’s big oil companies.
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