The European Commission on Wednesday ramped up its inquiry into the potential manipulation of oil and biofuel prices, as investigators continued to question BP, Royal Dutch Shell and Statoil about their trading activities, according to people with knowledge of the meetings. Regulators, in part, are focused on a pricing system operated by Platts, a unit of the McGraw-Hill Companies, the New York Times reports.
Authorities face a daunting task. Oil is one of the murkiest markets. Much of the vast global oil trade occurs away from regulated financial exchanges, as companies and traders buy and sell billions of dollars of crude oil each day and ship it around the world.
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