Oil Speculators Accused of Market Manipulation

The Commodity Futures Trading Commission has filed a lawsuit against several oil speculators and their agents and employees alleging that the speculators manipulated, and attempted to manipulate, the contract prices for crude oil derivatives. The suit, filed under the Commodity Exchange Act, accuses the defendants of keeping prices of certain crude oil supplies artificially high while they short-sold a series of derivatives based on those inflated crude prices. Oil Speculators Accused of Market Manipulation