The oil market is now dominated by speculators who account for almost three quarters of its activity, new evidence has shown.

The latest figures came as crude prices hit new peaks, despite Saudi Arabia's pledge to pump more oil to satisfy global demand for energy.

Speculators have almost doubled their share of the New York oil futures market, according to figures provided for the US Congressional Energy and Commerce Committee by the Commodity Futures Trading Commission.

Between 2000 and this April their share of West Texas Intermediate contracts rose from 37pc to 71pc, with the rest accounted for by companies such as airlines hedging against price rises. ... Read full article