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Oil pricing probe widens, Britain pledges tough action

Oil companies will face the full force of the law if they manipulated prices, Britain's energy minister said on Wednesday as a rating agency warned of massive fines if a European Commission's probe into oil pricing found any wrongdoing.Oil firm Eni said the European Commission had asked it to provide information, although it was not being probed.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.Authorities have sharpened scrutiny of financial benchmarks around the world since slapping large fines on some of the world's biggest banks for rigging interest rate benchmarks."If it turns out to be the case that hard-pressed motorists and consumers have b...

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  1. Meet the Next Star of the Euro-Crisis Drama: Slovenia

    Now that the tiny island of Cyprus has narrowly avoided a calamitous exit from the eurozone, the financial world has embarked on a search for the next country to sta...

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