U.S. FTC said to open probe of oil price-fixing after EU

Posted on June 25, 2013 at 6:48 am by Bloomberg in Crude oil Comments() | E-mail | Print An oil pump jack in motion. (AP Photo/Hasan Jamali) The U.S. Federal Trade Commission opened a formal investigation into how prices of crude oil and petroleum-derived products are set, mirroring a European Union inquiry, two people familiar with the matter said. The investigation, now in a preliminary stage, will probably broaden into a multi-jurisdictional affair like the inquiry into manipulation of the London interbank offered rate, or Libor, the people said. FTC investigators are reviewing the progress made by their European counterparts, the people said, asking not to be identified because the...