RTRS:No excessive speculation in crude oil markets - IEA
ST PETERSBURG, Russia, June 16 (Reuters) - Commodity prices are driving movements in international exchange rates but there is no evidence of excessive speculation in crude oil markets, the International Energy Agency said on Thursday.
"Financial flows into commodities do have a short-term impact on (oil) prices but empirical research tends to suggest that causality flows flow to exchange rates from oil rather than vice versa," said David Fyfe, head of the IEA's oil industry and markets division.
"It is not demonstrably the case that there is an excessive speculative increase in crude prices at this time," Fyfe told a news conference in the Russian city of St Petersburg after the IEA published its Medium-Term Oil and Gas Market Report. (Reporting by Melissa Akin, Editing by Douglas Busvine)
