IEA Meeting to Address Speculation
Oil market speculation driving prices into the stratosphere isn't just a U.S. nightmare.
Major Asian consumers and OPEC all want to keep 2008 from repeating. That's when oil rose to nearly $150 a barrel and then fell to $30 in less than six months. But Bloomberg reports that the number of traders betting that oil prices are going up has just hit a 27-year high.
So the International Energy Agency is bringing together oil producers, market regulators, and bankers next month to try to figure ways to limit speculation-driven volatility. The IEA has invited heads of OPEC, U.S. and U.K. financial regulators, and major global banks to meet in Tokyo.
One potential focus: the Obama administration's initiatives to limit energy traders' positions and bar major banks from running hedge funds and similar investments.
Source: Bloomberg
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