Oil fell below $123 a barrel on Wednesday to its lowest level in nearly three weeks because of increases in U.S. fuel inventories and a fuel price rise in Asian countries, which is expected to curb demand.
Meanwhile the Senate has launched an investigation into the possibility of oil prices being manipulated, while the Commodity Futures Trading Commission or CFTC unveiled initiatives to improve its monitoring of traders and help farmers cope with the risks created by higher prices.
Increased government oversight has been met with mixed emotions. Some traders including Fast Money's Jeff Macke feel the market is best left to correct itself.
However Betty H. writes, "I think oil prices are a direct result of outrageous speculation..." and Henry from California says, "Did I hear Mr. Gartman right? Watch out if Congress passes new laws or regulations because the price of commodities would go down. He acted like this would be terrible. NEWS FLASH for Mr. Gartman. It won't be terrible for millions of consumers who are also voters!!!! I say if Mr. Gartman's premise is correct, bring on the regulation!!!! (*Note, strategic investor Dennis Gartman appeared on Tuesday's Fast Money.)
And that leads to our Fast Money Reader Poll. Would you favor government regulation if it brings down the price of crude?
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