Probe Breakthrough Elusive a Year After EU Raids Big Oil
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Twelve months after raiding oil companies and Platts in a hunt for evidence of possible manipulation of price benchmarks, European Union officials are looking for a breakthrough.
In the wake of an international probe of banks that rigged the London Interbank Offered Rate, the EU said providers of market data for oil and biofuels may also have colluded -- when they reported prices used to establish benchmarks for global fuel sales. At the heart of the investigation are reference prices produced daily by the publisher Platts with bids, offers and trades from oil companies around the world.