A PYMNTS Company

Worldwide: Global oil traders offer to prove market manipulation in court

By  |  November 6, 2013

Four global oil traders have reportedly filed a lawsuit claiming that not only are crude oil prices rigged, but that they can prove it the alleged collusion between major gas companies including BP Plc, Statoil and Shell with Morgan Stanley energy traders.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Reports say the case, filed in New York, claims that collusion manipulated prices for Brent crude oil; the benchmark is used to price over half of the globe’s crude oil.

    Media are describing the case as one of the most detailed accounts of the alleged market manipulation. Six other lawsuits have been filed in the US regarding the issue, and European regulators have launched an inquiry into the allegations, raiding offices of oil giants last May.

    Full content: Bloomberg

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.