Three major reasons for the rising international oil prices – futures Sina Financial News _ _ Sina
Posted on Jun-03-2008· by china investor
— The Organization of Petroleum Exporting Countries (OPEC) rotating presidency, the Algerian Energy and Mining Minister Khalil SHA Ji Buha recently said that depreciation of the dollar, market speculation and the loan-to-crisis led to skyrocketing oil prices is the main reason.
Khalil reiterated that OPEC will not be in September before the ministerial meeting to consider production. He said that OPEC's output accounted for only 40 percent of global output, and the current oil price is not determined by supply and demand fundamentals, and therefore can not be attributed to high oil prices OPEC.
Recent innovations in international oil prices even higher, topped 135 U.S. dollars per barrel last week, last trading day dropped to below 130 U.S. dollars.
Last week the U.S. Commodity Futures Trading Commission (CFTC) announced that it will begin investigating U.S. crude oil futures market to find out whether there is price manipulation, and will promote the transparency of market transactions.
U.S. Masters Fund manager Michael Masters, in testimony before the U.S. Congress, over the past five years, investment in commodities futures market index fund size from 13 billion U.S. dollars surged to 260 billion U.S. dollars.
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