US open investigation on possible oil price manipulation.
American oil market regulator CFTC (Commodity Futures Trading Commission) announced it has been investigating the oil market for over 6 months, looking for signs of a possible manipulation of the oil price on the US market. Analysts are skeptical, saying that more regulations on the financial market would not lead to an eventual oil price decrease.
"The top U.S. futures market regulator on Thursday said it will step up surveillance of energy trading by tracking index funds and reaching across the Atlantic to grab more information on oil contracts based on American crude that are traded in the United Kingdom.
The Commodity Futures Trading Commission also revealed it has been investigating the crude oil market for half a year. U.S. lawmakers have hammered the agency for months to improve monitoring and to crack down on speculators whom they blame for pushing up energy prices to record levels.
The CFTC said it reached an agreement with the United Kingdom's Financial Services Authority and ICE Futures Europe to share more information on energy contracts, including the West Texas Intermediate crude oil futures contracts that trade in both New York and London", The Guardian informs in its online edition.
Although these procedures are generally confidential, CFTC decided to make its initiative public, given the "unprecedented" market conditions. The price for the oil grew 47$ per barrel since the beginning of December 2007.
Tags: Oil , Usa , Investigation , Price
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