Act Now to Prick the Oil Price Bubble

us.ft.com — There is a growing feeling that the latest sharp upsurge in the price of oil may be a speculative bubble rather than an outcome of market fundamentals. The US Commodity Futures Trading Commission indicated last week that there may be "system risk" and George Soros, the veteran investor, in testimony on Capitol Hill, warned that commodity index funds, which treat oil as an asset rather than a commodity to be bought and sold for use, are creating a bubble.

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