World oil prices could be vulnerable to a Libor-style rigging scandal. The International Organization of Securities Commissions (IOSCO) says the current system of oil price reporting is "susceptible to manipulation or distortion." It pointed out both the Libor inter-bank lending global rate-rigging scandal and spot oil prices are based on a system of trust; and that they are, effectively, unregulated. In reply the biggest price reporting agency, Platts, said "there is absolutely no similarity" between Libor and oil.
