In Rare Move, CFTC Reveals Oil Price Probe

Law360, New York (May 30, 2008, 12:00 AM EDT) -- In an unusual admission, the U.S. Commodity Futures Trading Commission has disclosed an ongoing investigation into possible price manipulation in the crude oil market.

The CFTC on Thursday revealed the nationwide probe, which the agency said was launched in December and examines practices surrounding the purchase, transportation, storage and trading of crude oil, as well as related derivative contracts.

Congress has been pressuring the CFTC to take a stronger hand in regulating energy markets as the price of crude oil has soared, hitting $130 a barrel...
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