US to probe hedge fund impact on oil markets

Date: Tuesday, February 23, 2010
Author: AFP

The United States plans to investigate how hedge funds and other speculators create volatility in oil markets, US Energy Secretary Steven Chu said on Monday in Saudi Arabia.

He said speculation, blamed for oil prices that climbed to nearly 150 dollars a barrel in July 2008 before plunging to 40 dollars just six months later, damaged economies and complicated planning by both consumers and suppliers.