6/8/2023 0 Comments Collapse the rage downloadMonday was the worst day for the price of oil in at least a generation. On Tuesday, BoC suspended trading of the oil futures product’s WTI-linked contracts for one day. A negative value means producers would have to pay buyers to take delivery of oil. The bank made the decision after the value of the WTI crude May futures contract plunged to a record low of a negative $37.63 a barrel Monday, the day before the last trading day of the front-month contract. It will still allow clients to close positions. (BoC) lost millions of yuan in the collapse of global crude prices, and they blame the bank for the losses amid the market turmoil.īoC suspended clients from opening new positions in its Yuan You Bao product starting Wednesday, which is based on overseas crude oil futures, including West Texas Intermediate (WTI) and Brent contracts, citing current market risks, the bank said in a statement (link in Chinese). Investors in a crude futures product sold by Bank of China Ltd.
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