Meet at jeddah..'' wrest control over oil trading from the hands of speculators '' what is the meaning ?

The indian finance minister while delivering his speech has urged the organisation of petroleum exporting countries to ''wrest control over oil trading from the hands of speculators'' who is the speculators in oil trade ? please, i don't know actually, and hence explain me in detail.Meet at jeddah..'' wrest control over oil trading from the hands of speculators '' what is the meaning ?
one that speculate the future turn of events called speculators and these are the main cause for speculating increase and a little surprise that the US, the US oil companies and the saud's are the speculators running up the commodities index speculation. we did have controls to prevent this kind of commodities gambling. They only have putup 6% of the money needed to buy the commodities they speculate, this is nothing more their air being gambled on more air and they turn it into money at the hedge fund banks. This wonderfully, the politicians and head of states know fully well their involvement in oil business, it is sad they took not any interest to prevent is a separate story.





The someone who temporarily holds an asset in the hope of making a capital, it is surprising that who trades or takes position without having exposure in the physical market with sole intention to make profit on other's difficulties.





hope, this explanation gives you satisfaction.