Oil traders claim crude prices fixed

From theguardian.com

Four longtime traders in the global oil market claim in a lawsuit that the prices for buying and selling crude are fixed – and that they can prove it. Some of the world's biggest oil companies including BP, Statoil and Royal Dutch Shell conspired with Morgan Stanley and energy traders including Vitol Group to manipulate the closely watched spot prices for Brent crude oil for more than a decade, they allege. The North Sea Brent benchmark is used to price the majority of the world's crude and helps determine where costs are headed for fuels including gasoline and heating oil. The case, which follows at least six ... (full story)