Regulator re-opens speculation debate
At the first of three hearings on possible methods to control oil price speculation today, the Commodity Futures Trading Commission (CFTC) chairman called for serious consideration of the need for position limits in energy trading.
In his opening statement, Gary Gensler, chairman of the CFTC, said: "I believe we must seriously consider setting position limits," he added. The CFTC currently imposes federal position limits on some agriculture products, but such limits are set by exchanges in the energy market.
A CFTC report released in September 2008 found no link between rising crude oil prices and volumes flowing into commodity index trading during a $147 per barrel price spike in July of last year. However, the regulator
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