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The hunt for WMDs in the oil price process

Screen Shot 2013-07-09 at 12.35.14Monday, July 08, 2013: The EC raid on the offices of BP, Shell and Statoil on May 14th seeking evidence of oil price manipulation has created a level of consternation not seen since the hunt for weapons of mass destruction (WMDs) in Iraq. If the WMDs had been there they would probably have been found. The difference with the search for evidence of oil price fixing is that, if it is there, it will be very difficult to recognise. If the evidence does not actually exist, it would be easy to mistake the actions of traders going about their lawful, if complex, business for market abuse.

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