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Investigation by CFTC on oil trade

2008-05-31 15:48:36 (GMT) (Caymanmama.com - Business News)

New York (Caymanmama.com) –: CNN reported that keeping in view the anger of the lawmakers, the Commodity Futures Trading Commission has undertaken to collect information from the index funds as well as from other users of non-commercial oil. They will also be collecting information on the trades of oil made abroad such as ICE which is not supervised by the CFTC. The second thing the CFTC will be doing is to actually investigate into the manipulation of possible prices, in all likelihood by commercial oil users like shipping companies, production companies and storage companies.

Some say that the investors who are funneling their money in oil over the past few months amid falling prices of stocks and rising inflation are unreasonably driving the prices of gas and oil up simply because there is no option for them to invest their money into. Others say that strong demand and tight supply are the actual reasons why investors are interested in investing in the market and it is properly functioning to limit increase and demand supply. CFTC had previously announced that there are no evidences that can prove that the speculators are inflating the prices artificially. One of the largest declines during the last few weeks was more than $4 on Thursday which the experts attribute to this investigation.

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