oil

The turmoil engulfing Singapore’s oil trading community deepened on Friday as the country’s police force raided the office of ZenRock Commodities Trading following allegations made by HSBC Holdings.

Oil snapped a three-day gain as optimism over a nascent recovery in demand was replaced by worries about the supply glut, while the continued exodus of exchange-traded funds also weighed on sentiment.

Hin Leong and the other exposures only represent some of the highest-profile loans that could cause trouble for banks as pressures from the pandemic ripple through the financial system.

The benchmark West Texas Intermediate (WTI) plunged into negative territory for the first time in history, as crude oil prices plummeted 300% to around minus US$40 per barrel on Monday.

Hin Leong and Ocean Tankers both filed for court protection from creditors on Friday as the former struggles to repay its debts. Both companies are solely owned by the Lim family.

The lenders to privately-held Hin Leong Trading (Pte.) Ltd. won’t issue new letters of credit to the company

SINGAPORE (Sept 23): In a few fiery moments, the drone strikes on Saudi Aramco’s main facility at Abqaiq cut 5% off the global oil supply. Oil prices surged as much as 20% when the markets reopened as analysts scrambled to make sense of the impact. The

There has been limited market reaction to the drone attacks on Saudi energy assets as investors focus on interest rates and weak growth. But the unprecedented scale of the strikes, and the threat of more, underline the risky ‘new normal’ for the globa

SINGAPORE (July 10): Phillip Securities Research says oil prices are expected to fluctuate widely in the near term as the oil market embraces higher volatility.

SINGAPORE (Feb 27): Interra Resources reported earnings of US$1.3 million ($1.7 million) for FY17 compared to its FY16 loss of US$8.1 million, mainly due to lower share of losses from associated companies.