Oil price collusion would be a Libor-scale scandal

If the suspicions of European authorities are true, and oil traders conspired to rig published energy prices, global markets could be looking at a scandal bigger than Libor. One thing is certain. The ongoing debate about the integrity of the energy benchmarks compiled by price-reporting agencies such as Platts, Argus and ICIS Heren has taken a dramatic turn with Tuesday's raids on the offices of Shell, BP and Statoil.

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