Oil giants BP and Royal Dutch Shell are accused by traders of manipulating the Brent crude oil price for more than a decade. The North Sea oil benchmark is used as the basis for trades across the global commodity markets, affecting the price of thousands of consumer products from petrol to food.
By Emily Gosden: 11:15AM GMT 06 Nov 2013
BP and Royal Dutch Shell have been accused of manipulating the Brent crude oil price for more than a decade, in allegations filed in a lawsuit New York.
The North Sea oil benchmark is used as the basis for trades across the global commodity markets, affecting the price of thousands of consumer products from petrol to food.
The class action claim, brought by four traders, was lodged last month in the wake of the European Commission in May launching an investigation into alleged price rigging by the companies.