Oil traders may be in for tougher oversight: Senate Democrats are seeking to crack down on speculation in an overseas market that has come to play a major role in oil trading in a little more than two years.

Some members of Congress are concerned that short-term investing on IntercontinentalExchange Inc.'s ICE Futures Europe is helping drive up oil prices, which closed at a record high of $125.96 a barrel on Nymex Holdings Inc.'s New York Mercantile Exchange. ICE, based nominally in London, isn't subject to the speculation limits that the Nymex is.

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