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Study: Speculators Drove Up Oil Prices

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Sep 10, 2008 11:00 am US/Eastern

Study: Speculators Drove Up Oil Prices

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WASHINGTON (AP) ―

Click to enlarge 1 of 1: Oil rigs extract petroleum from Culver City, Calif., about 11 miles east of downtown Los Angeles on April 25, 2008.
David McNew/Getty Images

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An independent study of oil markets concludes that speculation by large investors was a primary reason for the surge in oil prices during the first half of the year and for the more recent price declines.

It said investors poured $60 billion into oil futures markets during the first six months of the year as oil prices soared from $95 to $145 a barrel and since then have withdrawn $39 billion from those same markets as prices have retreated.

Michael Masters of Masters Capital Management, which did the study, said the flow of money - not major changes in supply and demand - caused the volatile movement of oil prices. The report was released Wednesday by Senate and House sponsors of bills to put additional curbs on oil market speculation.