Commission probes big oil firms for possible price manipulation

European authorities have raided offices of oil majors Shell, BP and Statoil in an investigation of suspected manipulation of oil prices, one of the biggest cross-border actions since the Libor rigging scandal.

Authorities have sharpened scrutiny of financial benchmarks around the world since slapping large fines on some of the world's biggest banks for rigging interest rate benchmarks.

Industry sources said that the new rules proposed by the European Union for financial benchmarks would seriously threaten oil price reporting agencies (PRAs), as they could impose huge liabilities on oil publishers and participants.

EurActiv, 07.06.13: Oil reporting agencies reel at proposed EU ‘benchmarking’ http://www.euractiv.com/euro-finance/oil-reporting-agencies-reel-prop-news-528389

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