Supply/demand pushed crude prices - US task force

22 July 2008 23:07  [Source: ICIS news]

HOUSTON (ICIS news)--Fundamental supply and demand factors were the reason for the run-up in crude oil prices, the US Interagency Task Force on Commodity Markets (ITF) said on Tuesday.

The ITF was formed by the US Commodity Futures Trading Commission (CFTC) in June to evaluate developments in commodity markets, in particular investor practices and fundamental supply and demand factors.

The ITF is composed of staff members from the Departments of Agriculture, Energy and the Treasury, the board of governors of the Federal Reserve, the Federal Trade Commission, and the Securities and Exchange Commission.

The ITF released its findings in the Interim Report on Crude Oil.

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By: Steven McGinn
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