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EU probes oil companies over suspected price manipulation

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EU probes oil companies over suspected price manipulation

EU probes oil companies over suspected price manipulation
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Authorities have raided offices of Shell, BP and Statoil as part of a probe into suspected manipulation of oil prices.

The European Commission says it is investigating major oil companies over possible anti-competitive agreements – related to the submission of prices to leading oil pricing agency Platts.

It added that inspections took place in two EU member states and one non-EU country.

The Commission also said that companies may have prevented others from participating in the price assessment process, with a view to distorting published prices.