In view of this oil price volatility, France and Britain has called for action to curtail oil price volatility as part of a move towards tougher global governance to avoid the problems that were faced before the financial crisis. UK Prime Minister has pledged to talk to OPEC members within the G-8 and G-20 meetings to put an end to oil price speculations and take a step towards greater transparency and regulation. The Nymex WTI averaged US$69.70 per barrel in the month of June, an increase of around 18.0% over the previous month. Open interest volume averaged 1,172,800 lots, around 181,800 lower than last year. The forward contango decreased in the month of June with the 1st/2nd month spread at US$0.78, a decrease of US$0.15 from the previous month. Contango is the amount by which the future price is higher than the spot price. Crude oil market contango occurs when there is a perception of either of a future supply shortage or a present supply glut.