CITIZEN POWER ALLIANCE

The top U.S. futures market regulator on Thursday said it will step up surveillance of energy trading by tracking index funds and reaching across the Atlantic to grab more information on oil contracts based on American crude that are traded in the United Kingdom.

The Commodity Futures Trading Commission also revealed it has been investigating the crude oil market for half a year. U.S. lawmakers have hammered the agency for months to improve monitoring and to crack down on speculators whom they blame for pushing up energy prices to record levels.

The CFTC said it reached an agreement with the United Kingdom's Financial Services Authority and ICE Futures Europe to share more information on energy contracts, including the West Texas Intermediate crude oil futures contracts that trade in both New York and London.

"Today, the commission is taking important steps to ensure that the U.S. energy futures markets function properly and operate free from manipulation and abuse," the CFTC's chairman and three other commissioners said in a joint statement.

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