Maybe someone can enlighten me how oil price fixing works?
Taken from AFP,
KUALA LUMPUR — Malaysian Prime Minister Najib Razak on Monday called for a mechanism to prevent oil price manipulation, saying high prices could derail the global economic recovery.
“In this respect, proposals for greater oversight of financial markets aimed at preventing price manipulation should be welcomed if they lead to a more efficient and robust price formation,” he told an industry gathering.
Oil prices edged to around 80 dollars a barrel last October but have fallen recently, sinking below 70 dollars in Asian trade on Monday as a weak US jobs report continued to hurt investor sentiment.
New York’s main futures contract, light sweet crude for delivery in July, fell 1.82 dollars to 69.69 dollars a barrel in morning trade.
Najib did not speculate at what range oil prices should be in his speech in Kuala Lumpur.
Wata - Malaysian Oil and Gas Engineer 