BP and Shell braced for market reaction amid oil price manipulation probe

Investigators carried out raids at BP's offices in Canary Wharf and Shell's offices in both London and Rotterdam on Tuesday, the Telegraph reports. Raids were also carried out at the London office of price-reporting agency Platts and the Stavenger office of Norway's Statoil, both of which are also under investigation. Details of the European Commission investigation emerged in late afternoon trading on Tuesday and appeared to have negligible impact on the share prices of either oil giant. MPs and officials have suggested the oil price could be vulnerable to being rigged in the same...