Warning to companies over manipulating oil prices

Oil companies will face the full force of the law if they manipulate prices, Britain’s energy minister said as the European Commission demanded that more firms provide information as part of its probe into oil pricing.

Eni said it was asked by the Commission to provide information. The Italian company’s statement came a day after the offices of Shell, BP and Statoil were raided by investigators over suspected oil price manipulation.

The surprise searches of major oil companies, but not their competitors the powerful privately-owned trading companies, were one of the biggest cross-border probes since the Libor scandal and sent shock waves through the secretive industry.