Oil Speculation Didn't Drive Up Prices: CFTC Report

Law360, New York (July 23, 2008, 12:00 AM EDT) -- A month after skyrocketing oil prices prompted several federal agencies to form a task force to investigate speculation in the industry, the group has released a report refuting allegations that market participants had a hand in determining prices.

In a report released on Wednesday, a task force that includes members of the Commodities Futures Trading Commission, the U.S. Securities and Exchange Commission and the Federal Reserve said that a preliminary analysis has revealed that speculation in oil markets has not driven price fluctuations.

“The task force’s...
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