Lehman trades on key Platts oil trading platform

SINGAPORE, July 9 (Reuters) - Lehman Brothers LEH.N traded an oil contract during the Platts price-setting period on Wednesday, the energy pricing agency said, but a source added the temporary review on the investment bank had not been lifted.

Platts had put Lehman under a temporary review, sources said on Monday, barring the No. 4 Wall Street bank from participating in the daily-price setting process and restricting Lehman's ability to influence prices. [ID:nUL0716692].

It was not clear whether Platts would include Wednesday's deal in its end-of-day price-setting assessment.

"Lehman Brothers bought a September Dubai crude cash partial of 25,000 barrels at $133.90/barrel during the Platts Market on Close assessment process Wednesday," Platts said in a news report seen by Reuters.

"SK Energy was offering a September Dubai partial at $133.90 a barrel, and Lehman lifted the bid."

Platts and Lehman declined to comment.

"The review has not been lifted," said a source close to the situation, who declined to be named.

Being under review from Platts does not prevent a participant, such as Lehman, from trading with counterparties, but means its trades do not influence the benchmark end-of-day price set by Platts.

Platts provides price benchmarks in a number of illiquid or opaque physical energy markets, often determining pricing through a series of bids, offers and trades during a half-hour "window".

Sources had said earlier this week the review was due to credit issues but could not be more specific what those issues may be and it remained unclear why Platts would have any specific knowledge of Lehman's credit condition. (Reporting by Annika Breidthardt and Luke Pachymuthu; Editing by Ramthan Hussain)