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Making sense of oil pricing and price manipulation

from By Stefanie Heerwig

A shock wave recently hit the oil market as it came to light that the European Commission had raided offices of BP, Shell and Statoil to investigate whether the three European oil giants had colluded in reporting distorted prices to Platts and thereby manipulated the Brent benchmark. Since then investigations have even spread to the U.S., for a case that is as big as the Libor scandal. The new scandal not only hit the places closest to the epicenter but also shocked markets across the ocean. more

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