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Study says oil speculation not 'excessive'

12/14/2009
As the US Congress and Commodity Futures Trading Commission consider tighter regulation of derivatives trading, a new study suggests excessive speculation wasn't to blame for a record-breaking surge in oil prices in first-half 2008 (OGJ Online, Nov. 24, 2009).The study by Hilary Till, research associate of the EDHEC-Risk Institute in Nice, France, uses newly detailed data from the CFTC and a traditional standard for assessing speculative activity in relation to hedging in agricultural derivatives markets."We can say that, based on traditional speculative metrics, the balance of outright speculators in the US oil futures and options markets was not excessive relative to hedging activi...
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