CFTC Adjusts Speculators' Oil Market Share

Law360, New York (August 6, 2008, 12:00 AM EDT) -- The U.S. Commodity Futures Trading Commission has reportedly revised the number of oil futures contracts that it once thought were held by speculators, with the agency appearing to have inadvertently lowballed the amount by nearly 25%.

Recently, the CFTC discreetly reclassified a few trading positions from commercial hedging positions to noncommercial speculative positions, altering the energy marketing landscape that was presented to the public in mid-July, Reuters reported.

The change now indicates that speculators controlled 48% of the open interest in New York Mercantile Exchange crude...
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