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Article: CFTC Says index money not driving oil prices.(United States. Commodity Futures Trading Commission)
- Article from:
- The Oil Daily
- Article date:
- September 12, 2008
- Author:
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The federal Commodity Futures Trading Commission (CFTC) is holding to its position that speculators are not driving the price oil after releasing the findings of an in-depth study on the activities of swap dealers in the opaque over-the-counter (OTC) commodity markets.
Acting CFTC Chairman Walter Lukken told a House Agriculture Committee on Thursday that the unprecedented study--in which massive amounts of data were collected from Wall Street banks about billions of dollars in commodity market trades they handle--did not change his mind on the role of these players have in energy markets.
"Our economist and task force report in July did not find evidence ...