The Organization of Petroleum Exporting Countries can do little to lower record crude oil prices as banks, hedge funds and investors pile into "overheated futures markets,'' the kingdom's oil minister, Ali al-Naimi said in Paris yesterday.
Oil "is attracting vast sums of money from hedge funds and institutional investors seeking to maximize returns and diversify their portfolios,'' al-Naimi said. "The price today is not only influenced by fundamentals. The fundamentals of supply and demand for oil today are very sound, but the market is dancing to a different tune.''
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