Speculators are not to blame for the steep rise in oil prices, executives of three of Europe’s biggest energy companies said on Monday, adding to a growing industry consensus that tight supply and high demand are the culprits.

Opec ministers have promoted the idea that speculators are pushing up prices as part of attempts to deflect blame for the recent doubling in the cost of crude. On Monday, prices hit a fresh record high of almost $144 a barrel.

US lawmakers have lent credibility to the argument that speculators are at fault by launching hearings on the matter.

But chief executives of oil companies are becoming vocal about dismissing the link between speculators and oil prices. ... Read full article