European authories probe oil majors for price manipulation

www.reuters.com Published: May 14, 2013

European authorities have raided offices of oil majors Shell, BP and Statoil as part of a probe into suspected manipulation of oil prices, one of the biggest cross-border actions since the Libor rigging scandal, Reuters reports.



Authorities have sharply raised scrutiny of financial benchmarks around the world since slapping large fines on some of the world's biggest banks for rigging two interest rate benchmarks - Libor and Euribor.

On Tuesday, the European Commission said it was investigating major oil companies over suspected anti-competitive agreements related to submission of prices to Platts, the world's leading oil pricing agency and part of McGraw Hill Group.

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