May 7, 2008 / 7:11 PM / 9 years ago

Manipulation not raising commodity prices: CFTC

WASHINGTON (Reuters) - Soaring prices for oil, gasoline, grains and other commodities are not the result of market manipulation, the top U.S. futures market regulator told Congress on Wednesday.

“Broadly speaking, the falling dollar, strong demand from the emerging world economies, Mideast political unrest, detrimental weather and ethanol mandates have driven up commodity futures prices across-the-board,” said Walter Lukken, the chairman of Commodity Futures Trading Commission.

“To date, CFTC staff analysis indicates that the current higher futures prices are generally not a result of manipulative forces,” Lukken told a Senate Appropriations subcommittee at a hearing on the CFTC’s budget.

Reporting by Tom Doggett; Editing by Marguerita Choy

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below