MPs panel to grill officials on oil prices next week

LONDON (Reuters) - A parliamentary panel examining the reasons for high oil prices will grill top officials of electronic exchange ICE Futures Europe and market regulator Financial Services Authority (FSA) next week.

The Treasury Committee said on Thursday it would hold a hearing on July 15, in which the chairman of ICE Futures Europe, Bob Reid, Chairman and Chief Operating Officer David Peniket and director of regulation, Dee Blake, are to give evidence.

Also giving evidence before the panel chaired by Labour Member of Parliament John McFall will be the FSA's markets division's director, Alexander Justham, and Jonathan Hill, a technical specialist for commodities in the division.

"The evidence session will focus on the key factors behind the rise in oil prices, including the role of speculative activity. The session will also examine the regulation of the London oil futures market," the committee said.

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

In the United States too, 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.