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Commodities Briefing - Categorized | Oil, Price Watch more

Yes, oil prices are being manipulated — But not by who you think

Posted on 14 November 2013

Ask most Americans and they’ll tell you the oil markets are controlled by OPEC. But a recent lawsuit brought by four veteran floor traders alleges the global oil market is being manipulated from the waters off Scandinavia, not via the Middle East or Venezuela.
Specifically, ex-NYMEX board member Kevin McDonnell and three other floor traders allege BP, Shell, Statoil and the private trading firm Vitol are colluding to manipulate prices of Brent crude, the world’s benchmark energy price………………………………………..Full Article: Source


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