Government turns up the heat on the oil markets

This week saw a couple of major developments concerning the oil markets. On Tuesday, 17 April 2012, President Obama announced his intention to seek additional resources and legal authority for federal authorities to limit speculation and curb manipulation in the crude and refined products markets. Separately, on 19 April, the Southern District of New York issued an order approving a US$14 million settlement between the Commodity Futures Trading Commission (CFTC) and a group of Netherlands-based companies for manipulation of the U.S. oil markets.

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