Icap, the interdealer broker, has stepped up its expansion in the US, buying United Fuels International, an energy broker with turnover of $24m (€19.6m) and hiring a new manager for its futures business in New York.

Terms of the acquisition were not disclosed. Massachusetts-based United Fuels has 60 staff serving 500 industry clients and Icap said it was attractive for its a strong presence in US oil and oil-related markets, emissions and coal.