Authorities raid oil companies

Published May 15, 2013 at 05:00AM

Authorities have raided the offices of several oil companies and an industry service provider as part of a broader inquiry by the European Commission into potential price manipulation.

On Thursday, investigators descended on some European offices of BP, Royal Dutch Shell and Platts, a division of the McGraw-Hill Cos. that specializes in providing pricing for the oil industry. European authorities are looking into whether the companies may have “colluded in reporting distorted prices” in an effort “to manipulate the published prices of a number of oil and biofuel products.”