U.S. Treasury Secretary Scott Bessent assured CNBC on Monday, Mach 16, that the U.S. Treasury is not intervening in the oil derivatives market in an effort to drive down oil prices. “That rumor’s in the market,” he admitted, but “we haven’t done that.” Asked if Treasury had plans to possibly do so, Bessent demurred that he is “not sure under what authority or what auspices” it could be done.
CNBC protested that Treasury stepping into futures markets to trade against rising oil prices “would be unprecedented.” Hedge fund “traders” cited by Semafor, however, were not impressed by Bessent’s denial, responding with a skeptical “Sure….”
