Global oil trading firm Arcadia rejected on Wednesday the U.S. Commodity Futures Trading Commission's claims that its traders had manipulated crude oil markets in early 2008.

"The CFTC is wrong on both the facts and the law," Colin Hurley, the Chief Financial Officer of the firm, said in an emailed statement.

The CFTC sued two oil traders and the firms they work for, Arcadia and Parnon, on Tuesday, alleging that they carried out an illegal squeeze in U.S. oil markets in 2008 that led to $50 million in illicit profits.