EU raids oil majors in probe over possible price fixing

The European Commission has carried out surprise inspections at several major oil companies over possible price fixing in breach of EU anti-trust rules.

The Commission did not name any of the companies involved in Tuesday’s raids but British energy giant BP, Shell and Norway’s Statoil said that their offices had been visited.

The Commission statement explained that even small distortions of the market could have a “huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers”.

via Business feed http://www.scmp.com/business/companies/article/1238172/eu-raids-oil-majors-probe-over-possible-price-fixing