U.S. Probes Crude Oil Trading for Price Manipulation |
| Bloomberg - May 30, 2008 |
The U.S. Commodity Futures Trading Commission, the watchdog for commodity transactions, is investigating U.S. crude oil trading to determine whether the surge in prices to record levels is the result of manipulation or fraud.
The CFTC has been investigating the transportation, storage and trading of crude oil in the U.S. since December, it announced in a statement posted on its Web site yesterday. The commission's probe includes oil futures contracts, which have soared as much as 40 percent this year to a record above $135 a barrel.
``The Commission is taking the extraordinary step of disclosing this investigation because of today's unprecedented market conditions,'' CFTC Acting Chairman Walt Lukken said in the statement. The Washington-based regulator, which generally conducts inquiries on a confidential basis, didn't say when the probe will end. The CFTC did not name any companies being targeted and said details of the investigation were confidential.
Read Full Article from Bloomberg
- Posted: 2008-05-30 08:44:27
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