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Posts Tagged ‘Oil Price Manipulation’

Shell exec welcomes new DOE probe into alleged collusion

An executive of Pilipinas Shell Petroleum Corp. said Wednesday he was “surprised” that an investigation into the alleged collusion of oil firm giants was again launched by the government to look into persistent accusations that they were manipulating fuel prices.

Shell grilled by U.K. Treasury Select Committee over role of speculation in the rise of oil prices

The U.K.’s Treasury Select Committee last week held a hearing into the regulation of oil markets at which witnesses from the FSA, oil market ICE Futures Europe and Anglo-Dutch oil giant Shell were grilled over the key factors behind the rise in oil prices, including the role of speculation.

Pressure on oil futures’ ‘London loophole’

Those giving evidence include three ICE Futures Europe executives – including Sir Bob Reid, its chairman – Alexander Justham, director of market supervision at the FSA, and Steven Fries, chief economist at Shell, the energy group.

Bets double on oil hitting $200

The number of financial market bets on crude oil prices hitting $200 a barrel before the end of this year has almost doubled in the past month, a further sign of growing concern that oil prices will continue to rise sharply in the near term.

UK calls on G8 for united stand over oil speculation

A call for global agreement on preventing manipulation of the crude oil market is to be made by John Hutton, the Business Secretary, at a meeting of G8 energy ministers in Japan this weekend.