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EU investigates price fixing in energy markets

Screen Shot 2014-06-22 at 18.53.03The latest development follows the Libor rigging scandal and the raids carried out in May 2014 on the oil majors BP, Shell and Statoil, seeking evidence of manipulation of oil prices.

By John Donovan

On Tuesday, investigators for the EU Commission raided several companies producing and trading in biofuels.

According to the commission, the surprise inspections resulted from possible collusion when submitting price information to a price reporting agency.

The latest development follows the Libor rigging scandal and the raids carried out in May 2014 on BP, Shell and Statoil, in an investigation seeking evidence of oil price manipulation.

More information can be found in a Financial Times article by Alex Barker:

EU raids ethanol groups in energy price fixing probe

Extract

While Brussels has never fully disclosed whether its 2013 investigation specifically related to a suspected cartel in petrol or oil prices, traders and oil companies feared it marked the start of a regulatory assault on big commodity hubs such as the $100bn Brent futures market.

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