Middle East Economic Survey

VOL. LI

No 30

28-July-2008

OIL PRICES

CFTC Interim Report Exonerates Oil Market Speculators

The Interagency Task Force on Commodity Markets (ITF), formed in June by the Commodity Futures Trading Commission (CFTC) to investigate the impact of speculators on oil prices, on 22 July released its Interim Report on Crude Oil. OPEC has long held that speculation is a major contributor to recent record high oil prices. For several months members of the US Congress have added...