New Delhi: The Minister of Petroleum, Shri S. Jaipal Reddy has emphasized the need for improving understanding of inter-linkages between the physical and financial markets to address the issues of price volatility and price discovery. Speaking at the International Energy Forum (IEF), Extraordinary Ministerial Meeting at Riyadh (Saudi Arabia) Yesterday, he added that oil price discovery cannot be left entirely unregulated. Shri Reddy underlined that unregulated over-the-Counter (OTC) transactions and trading in ‘paper barrels’, along with unbridled speculation activity were to blame for unprecedented oil price rise in 2008.