CFTC data shows speculators don't influence commodity markets

"We can safely say there is no indication in this data of the fact speculators are pushing the price of oil," said Christophe Barret, global oil analyst at Credit Agricole, speaking at a press briefing on Tuesday.

When analysing quarterly index data of West Texas Intermediate (WTI) crude oil futures, the bank found index investors cut their positions when prices reached record highs in the summer of 2008. Similarly, index investors increased their positions when prices fell.

Although Credit Agri