Four US senators have urged the inspector general of the Commodity Futures Trading Commission to investigate its recent oil market study. This had concluded that the record prices of the early summer were not driven by excessive speculation.
The demands were echoed by former CFTC director of trading and market supervision, Michael Greenberger, who this week, blamed the UK’s Financial Services Authority for the inadequate market supervision prompting the record highs.
Democrat senators, Maria Cantwell, Byron Dorgan, Bill Nelson and Ron Wyden sent a letter to CFTC inspector general Roy Lavik on August 14, questioning the CFTC’s role in an interagency task force interim...