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Crude Traders Stick With Brent Amid Manipulation Claims
By Pratish Narayanan & Mark Shenk - Nov 7, 2013 6:05 AM ET ..
The alleged fixing of oil prices is unlikely to sway traders from using Brent as a benchmark for buying and selling oil in the $5.7 trillion commodity market, according to analysts and brokers from London to Tokyo.
Four energy traders claim in a lawsuit that some of the world’s biggest oil companies including BP Plc, Statoil ASA and Royal Dutch Shell Plc conspired with Morgan Stanley and energy traders such as Vitol Group to fix spot prices for Brent for more than a decade. The North Sea oil price as assessed by Platts, a unit of New York-based McGraw Hill Financial Inc., is used to price more than half the world’s crude including Australia’s Cossack, Malaysia’s Tapis and Castilla in Colombia.
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