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    United States 2020-04-20 08:05:26
    Technical index Oil Price Collapse Claims Scalp as Major Trader Fi

    MAJOR OIL TRADER’S COLLAPSE, RISK APPETITE. TALKING POINTS:

    Oil trading giant Hin Leong has filed for bankruptcy protection
    Markets are now weighing the exposure of its lenders
    Energy prices’ collapse seems to have claimed a major player
    In every major crisis there comes a point at which weakening economic numbers translate into corporate scalps and the nodal Singapore energy market has reached that point. Its biggest oil trading firm Hin Leong Trading has filed for bankruptcy protection, seeking to restructure nearly $4 billion in debt.

    If course, the energy sector has taken an unprecedent hit. The coronavirus has shredded energy-demand forecasts even as major producers saturate the market with cheap oil. Oil prices have collapsed to lows not seen since 2001, even after major production cuts which have so far done nothing to revive it.

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