April 23, 2020 / 1:42 AM / a month ago

China bank BoCom halts open positions for crude oil trading products

BEIJING, April 23 (Reuters) - China’s Bank of Communications (BoCom) said on Thursday it has suspended open positions for crude oil trading products starting on Thursday.

The decision was made due to “current pricing and liquidity risks of the crude oil market”, the bank said in an online statement, following similar trading restrictions announced by Bank of China a day earlier.

U.S. WTI futures collapsed below $0 a barrel on Monday for the first time because of a supply glut after restrictions to prevent the spread of the coronavirus hit demand. (Reporting by Cheng Leng and Se Yong Lee; Editing by Muralikumar Anantharaman)

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