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Tuesday, May 14, 2013

EU Commission RAIDS Oil Firms Over 'Price-Fixing'

The offices of oil companies Shell, BP and Statoil have been raided by authorities as the European Commission investigates allegations of possible market manipulation of oil and biofuel prices.

The commission said it had launched the investigation over suspected anti-competitive agreements related to the submission of prices to Platts, the world's leading oil pricing agency.

"Officials carried out unannounced inspections at the premises of several companies active in and providing services to the crude oil, refined oil products and biofuels sectors," the EU's executive arm said in a statement.