WASHINGTON, June 9: Senior enforcement officials from around the world meet in the US capital on Wednesday to see if manipulative market practices are responsible for the oil crisis threatening the global economy.

Price surges not only hurt ordinary consumers but also exert a negative impact on the global economy by causing sluggish consumption, increasing business costs and pushing up inflation.

The June 11-12 market manipulation conference brings together international regulators to share their experiences and observations of trends and successful techniques used to detect, deter and prosecute illegal activity.

The US Commodity Futures Trading Commission, which is hosting the event, recently said it was six months into a probe of US oil markets focused on possible price manipulation.

On Friday, New York's main oil futures for July delivery jumped $11 a barrel to close at a record $138.54 dollars per barrel, forcing regulators across the world to review market practices.

“It is essential that international regulators coordinate to ensure that they are working as efficiently and effectively as possible to detect and deter manipulation in the global energy markets,” said Gregory Mocek, enforcement director for the US Commodity Futures Trading Commission.

“Since no global regulator exists, it is critical that the international sister agencies continue cooperation and coordination to ensure market integrity,” he said.

Analysts talking to various US media outlets said they believe speculation in the world financial market has played a key role in skyrocketing oil prices.

They estimate that speculators control one billion barrels of crude oil in future contracts involving a total of $100 billion. They buy or sell oil futures based on market information, which increases market uncertainty.

On Monday, gasoline prices at pumps across the United States set another record above $4.02 a gallon, although crude oil prices eased following a massive spike on Friday.

The US national average price for a gallon of gasoline climbed to a record $4.023 a gallon, which is more than 10 per cent higher than $3.692 a month ago and nearly 29 per cent higher than the $3.091 average a year ago.

The American Automobile Association, which monitors oil prices, released a new survey on Monday showing the average gasoline price at pumps at $4 a gallon or more in 22 states and the District of Columbia.

Opec Secretary General said recently that his group could do little to curb the oil-price hike as speculation and a weak US dollar, and not insufficient output, was responsible for the crisis.