Paulson says speculators not driving oil prices

WASHINGTON, June 9 (Reuters) - U.S. Treasury Secretary Henry Paulson said on Monday that he did not think speculators were playing a major role in driving up global oil prices.

"My position, and I've looked at this very carefully, is I don't believe financial investors are responsible to any significant degree for this price movement," Paulson said in response to questions during an interview on CNN Television.

"This is supply-demand, financial investors are on both sides of the market ... They don't set trends, they follow the trends," he said. Paulson added that prices for other commodities like iron ore and steel were up just as much as oil and said investors don't participate in those markets. (Reporting by Glenn Somerville; Editing by James Dalgleish)