Key regulator: Speculators swamping oil, grain markets

By Kevin G. Hall | McClatchy Newspapers

WASHINGTON — In the sharpest criticism yet of excessive speculation in oil markets, the head of a key regulatory agency presented data Thursday showing that almost nine in 10 traders betting that oil prices would rise were financial speculators, not actual end-users of oil.

Commodity Futures Trading Commission Chairman Gary Gensler vowed during a New York speech that his agency soon will act "to guard against the burdens of excessive speculation."