World", The Economist said that rising oil prices had a negative impact on oil-importing countries in terms of international trade. Import prices rise in relation to their exports. The importing country's current account deficits widen because "their exports pay for fewer imports". Speculative trading and crude oil futures In the wake of the 1970s oil crisis, speculative trading in crude oil and crude oil futures in the commodity markets emerged. NYMEX launched crude oil futures contracts in 1983, and the IPE launched theirs in June 1988. Global crude oil prices began to be published through NYMEX and IPE crude oil futures market. Volatility in crude oil prices can cause problems for the global economy. These crude oil futures contracts helped mitigate the "economic hazards of international crude oil spot price fluctuations". By 2019, NYMEX and ICE had become "representative of the world crude oil futures market"—an important factor in the world economy. Crude oil futures bring some uncertainty to the market and contribute to crude oil price fluctuations. By 2008, there were a number of widely traded oil futures market listings. Some of the big multinational oil companies actively participate in crude oil trading applying their market perception to make profit. Speculation during the 2007-2008 financial crisis According to a U.S. Commodity Futures Trading Commission (CFTC) 29 May 2008 report the "Multiple Energy Market Initiatives" was launched in partnership with the United Kingdom Financial Services Authority and ICE Futures Europe in order to expand surveillance and information sharing of various futures contracts. Part 1 is "Expanded International Surveillance Information for Crude Oil Trading." This announcement received wide coverage in the financial press, with speculation about oil futures price manipulation. In June 2008 Business Week reported that the surge in oil prices prior to the financial crisis of 2008 had led some commentators to argue that at least some of the rise was due to speculation in the futures markets. The July 2008 interim report by the Interagency Task Force found that speculation had not caused significant changes in oil prices and that the increase in oil prices between January 2003 and June 2008 [were] largely due to fundamental supply and demand factors." The report found that the primary reason for the price increases was that the world economy had expanded at its fastest pace in decades, resulting in substantial increases in the demand for oil, while the oil production grew