CFTC says speculation not to blame for oil price rise

The US Commodity Futures Trading Commission (CFTC) has found no evidence that speculation is responsible for the rise in crude oil prices, despite political pressure to curb the activities of hedge funds and other futures investors blamed for high fuel costs.

In a report published in July, the CFTC said strong world economic growth had outstripped "sluggish" expansion of supply, meaning "very large price increases have occurred as the market balances supply and demand".

The spectre of speculatio