The FT has reported that:

Crude oil prices jumped $25 a barrel on Monday - the largest one-day rise - as financial investors betting on falling oil prices were forced to cover their positions ahead of the expiry of the current benchmark futures contract.

The jump to an intraday high of $130 a barrel - a rise of about $40 a barrel from last week's low - was exacerbated by a weakening US dollar and data showing weaker supplies from Mexico, Nigeria and Saudi Arabia in recent weeks and surging imports by China.

Investors who had bet that oil prices would continue falling were forced to close their positions ahead of Monday's expiry of the October oil futures contract at the New York Mercantile Exchange, traders and analysts said. The process is known as short covering.

The investors had little option but to cover their short positions at any price. If the positions had not been closed, they would have to take physical delivery of barrels of oil.

Let's be clear: the price of oil does not increase by 30% in a day for any natural reason. Markets do not rationally change their perception of worth in this way. This is therefore the result of market abuse, for which we all pay.

These markets are another sector where regulation needs to crack down very severely on the capacity to trade without any intention to engage with the actual product. Time and again we are seeing the destructive power of unfettered financial capital over the last few weeks. That power, the power of the markets to destroy themselves and a lot else that is good along the way, has to be contained or we are all in much deeper trouble than that we are already facing.

I'm not hearing that loud and clear as yet though from those with the responsibility for doing this.