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US: FTC moves on from oil price-fixing case

 |  October 28, 2014

The US Federal Trade Commission has reportedly decided to close its investigation into alleged oil price manipulation without taking action, according to two companies involved in the probe.

Oil giants BP and Statoil told reporters that the FTC ended its case into business practices surrounding oil price reporting. No fines or sanctions have been issued by the authority, the companies said.

While the US dismissed its case, EU officials say their probe into similar allegations of price-fixing is ongoing.

The European Commission said Tuesday that it would not comment on the US’s decision to end its investigation, but confirmed that it continues to probe the matter. The Commission raided the offices of BP, Statoil and Shell last year and was said to have recently searched offices again as part of the case.

Oil pricing publisher Platts is also part of the EU’s investigation, according to reports.

In a statement, BP added that it had received requests for information from the Japanese Fair Trade Commission, the Korean Fair Trade Commission and the Commodity Futures Trading Commission, though did not elaborate on the progress or any developments on these matters except to say that they were ongoing.

BP said it was notified by the FTC on October 1 that the regulator was closing the case.

Full content: Reuters

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