8/6/2008

A data revision at the Commodity Futures Trading Commission reclassified some trades as speculative rather than commercial and raised the total ratio of speculators from 38% of the total market in oil futures to 48% of the total market. The big jump in numbers raised some eyebrows on Wall Street, especially when some analysts pointed out the reclassified trades all apparently originated from one trader. "It changes the whole way you look at the recent moves in this market," said an Alaron Trading spokesman.

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Reuters

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