JEDDAH - US Energy Secretary Samuel Bodman said in Jeddah on Saturday that "speculators" are not forcing up global oil prices. "There is no evidence that we can find that speculators are driving prices," Bodman told a press briefing ahead of an oil summit in the Saudi city on Sunday. "This capital is following the market upward, it is not leading," he added. "Fundamentally tight market conditions in our view are the major driver" of the higher prices, he added. Bodman said: "The world faces an extraordinary set of circumstances ... that demand action from both consuming and producing nations." "Even despite higher global production so far this year, inventories have been drawn down and production capacity is below expected levels," he added.