U.S. oil futures regulators (and their U.K. counterparts) have reached a deal with ICE Futures Europe to impose first-ever regulations on West Texas Intermediate oil contracts that trade on the London-based electronic exchange.
Regulators are feeling heat from U.S. lawmakers to rein in what they see as excessive speculation in commodities markets, and to make it harder for traders to skirt regulations through "dark markets" like ICE where there is less oversight.
Acting Chairman Walter Lukken concedes that crude oil markets are "ripe for those wanting to illegally manipulate the markets." Oil prices have soared 40 percent since January to record highs near $140 a barrel, and many U.S. lawmakers - mostly in the Democratic majority - see excessive speculation as the main culprit.
That leads to our Fast Money Reader Poll. Do you think the crude market needs added regulation?
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