Federal regulators are six months into a wide-ranging investigation of U.S. oil markets, with a focus on possible price manipulation. The Commodity Futures Trading Commission on Thursday said it started the probe in December and took the unusual step of publicizing it "because of today's unprecedented market conditions." Crude prices, which on Thursday hovered around $127 a barrel, have risen more than 42% since early December. Gasoline prices are nearing a national average of $4 a gallon, up from about $3.20 a year ago. The commission said details of the investigation remain confidential, but announced a handful of other initiatives designed to increase transparency of U.S. and international energy futures markets.
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