US FTC proposes revised oil mkt manipulation rules

WASHINGTON, April 16 (Reuters) - The Federal Trade Commission on Thursday issued revised draft rules aimed at combating manipulation of oil prices.

The commission initially proposed rules on market manipulation last year under pressure from lawmakers as oil prices rose to record levels above $147 a barrel.

Like the regulations released by the commission in August, the revised rules prohibit "fraudulent and deceptive conduct that could harm wholesale petroleum markets."

The new rules bar individuals involved in the physical petroleum market from practices including making false public announcements of planned pricing or output decisions and false data reporting.

"The revised proposed rule also would prohibit material omissions from a statement that, although otherwise literally true, are misleading under the circumstances," the commission said in a statement.

If adopted, those who violate the rules would face civil penalties of up to $1 million per violation per day.

The commission will be accepting public comments on the revised rules through May 20. (Reporting by Ayesha Rascoe; Editing by Christian Wiessner)