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Sources said Britain's Business Secretary John Hutton will bring proposals to share detailed information on commodity trading to a meeting of G8 energy ministers in Aomori, Japan this weekend, The Times of London reported.

Energy officials from China and South Korea are scheduled to attend the meeting, the Times reported.

Last week, Britain's Financial Services Authority and the U.S. Commodity Futures Trading Commission announced they were conducting a joint investigation into speculative spending that may be pushing oil prices.

When the investigation was announced, weekly net long crude positions on the New York Mercantile Exchange dropped from 50,060 to 25,867 the following week, the Times reported.

"The key issue is whether this is just a short-term blip -- like we saw in early February or April -- or the start of a more significant downward trend", Mirabaud bank energy researcher Richard Savage said.

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