market to a much larger number of par-
ticipants. There has been a major upsurge in over-the-counter trad-
ing of oil futures … long positions in
crude oil futures, largely in the over-the-counter market. These net
long futures contracts, in effect …-
tern.
The new participants, investors, and speculators in the world’s 2
trillion-a-year oil market are hastening the …