Parliamentary committee to probe oil markets

LONDON (Reuters) - Concern over record high oil prices has prompted a parliamentary committee to hold a hearing on regulation of the oil markets.

The Treasury Committee, chaired by Labour MP John McFall, will hear evidence on oil market regulation in mid-July.

The hearing illustrates growing pressures on politicians to take some action over oil prices, which have risen to record peaks above $145 a barrel.

In the United States, there is already a raft of bills in the House of Representatives trying to limit speculation in oil futures markets that some blame for driving up prices.

(for a Factbox on views about speculation in oil please double click on)

(Reporting by Jane Merriman)