U.S. regulators review huge NYMEX oil price surge

WASHINGTON, Sept 22 (Reuters) – The U.S. regulator of futures markets said it was reviewing the historic jump in crude oil prices on Monday to assure the trading was valid.

The U.S. crude oil expiring contract for October soared by $16.37 to settle at $120.92 a barrel. At one point, the contract was up by $25.45 a barrel, or 24 percent.

The Commodity Futures Trading Commission said it commented on the price increase as part of its ongoing investigation of oil trading.

"CFTC surveillance and enforcement staff are closely monitoring today's large movement in the price of crude oil," said acting chairman Walter Lukken.

"We are working closely with NYMEX compliance staff to ensure that no one is taking advantage of the current stresses facing our financial marketplace for their own manipulative gain."

Stephen J. Obie, acting director of the Division of Enforcement, said his staff "will scour today's trading activity to determine whether anyone engaged in illegal manipulative activity. No one should be trying to game our nation's commodity futures markets."