- Hedge Funds On the Rebound, Climbing 2.42% During July
- Baseball Great Dykstra Could Face Liquidation
- Consumers Cut Back on Debt For the Fifth Straight Month
- Ex-Madoff Exec Has Charges Prepared Against Him
- Faber Report: AIG Rallies, But Future Remains Unclear
- Is The Bull Market Rally In Wal-Mart's Hands?
- GM Plans to Issue 3.5 Billion Shares of Stock in 2010
- Did Intel Get Raw Deal in European Antitrust Case?
- Top Clunker Trade-Ins and Upgrades
- 10 Stock Picks from 2 Bullish Strategists (Pt. 1)
- Rally Will Be 'Extremely Selective': Strategist
- Berkshire Hathaway Back in the Black On $1.5 Billion In Derivatives Gains During Second Quarter
- One 'Fine' Day for Intel
- Cookie Monster: Is Wal-Mart Taking on The Girl Scouts?
- Hirschhorn: Keeping Your Money
- Market 360: The Week's Best & Worst
- Twitter Still Battles Web Attack, Facebook Working With Authorities
- Diamondbacks To Pay Bernard Gilkey Until 2017
Text Size 
The G8 nations have asked international bodies to study ways of intervening in oil markets to block speculation, Italian Prime Minister Silvio Berlusconi said on Friday.
"We also expressed our disapproval over the resumption of speculation internationally. Despite oil consumption falling 1 percent from last year, oil prices have risen from $30 a barrel to $70 a barrel," Berlusconi told a news conference, where he also cited higher prices of cereals and grains.
"We have talked to international financial institutions, the IMF, the World Bank, the OECD; giving them the mandate to study how to intervene to block this speculation that is being driven by hedge funds."
U.S. crude oil futures [US@CL.1 Loading... ()] fell more than $1 a barrel towards $59 on Friday, and were poised for their biggest weekly fall since January on uncertainty about economic recovery.
For more on G8 Summit:
- EU Commissioner on Food Security
- Is the G8 Climate Change Commitment Enough?
- G8 is Reaching the End of the Road
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes