Information and analytics provider IHS Inc. IHS -0.66 % has agreed to acquire Oil Price Information Service, a pricing-reporting agency for the oil, natural gas and biofuels industries, for $650 million, the company said Monday. IHS said it would provide more details of the deal on its earnings call Tuesday. Chief Executive Jerre Stead said the acquisition “represents a new area of business for IHS and gives IHS visibility across the entire petroleum value chain.” OPIS, which has been covering petroleum news in 1977, pioneered “rack” price discovery and has the world’s most comprehensive database of U.S. wholesale petroleum prices. It publishes more than 30,000 rack prices each day to more than 1,500 terminals. OPIS Chief Executive Brian Crotty said the deal will improve the company’s real-time news and pricing service and market-specific benchmark pricing reports. Late last month, IHS said it had acquired Canada’s CarProof Corp., which offers […]