More info on overseas oil deals needed: Senate

The report by the Senate’s Permanent Subcommittee on Investigations finds that U.S. regulators, including the Commodity Futures Trading Commission, lack the ability to track “futures look-alikes,” over-the-counter contracts that are based on U.S. futures contracts and traded overseas.

In particular, the panel said that U.S. crude oil, gasoline and heating oil contracts traded on the Intercontinental Exchange Inc.’s (ICE) London bourse were impacting energy prices and large trades should be reported to U.S. regulators.

yahoo