UPDATE 2-Bank of China asks CME to probe "abnormal fluctuations" in oil futures [Reuters (UK)]
BANK OF CHINA UNSP/ADR (BACHY)
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Source: Reuters
Bank of China asks CME to probe 'abnormal fluctuations' in oil futures - Reuters 3 Min Read BEIJING/SHANGHAI (Reuters) - Bank of China (BoC) said it had hired lawyers to formally send a letter to CME Group, urging the U.S. exchange operator to investigate reasons behind “abnormal fluctuations” in crude oil futures prices on April 21. The bank said in a statement late on Wednesday that it would continue negotiating with investors, shoulder responsibilities under the current legal framework and was seeking to respond to customers’ “reasonable requests” as early as possible. CME did not immediately respond to a Reuters request for comment on Thursday. BoC’s statement comes after prices for the May West Texas Intermediate (WTI) crude oil contract fell below zero for the first time, ending the day at minus $37.63 a barrel on April 20. Oil prices have tumbled this year due to a slump in global demand caused by the coronavirus, a price war triggered by Saudi Arabia and Russia, and a shortage
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