Troubled Noble Group Says Goodbye to Global Oil Trading

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Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia's biggest commodities trader to restructure, the International New York Times reported on a Reuters story. The closures follow the sale of its larger U.S. oil trading business to Vitol, announced in October, and a nine-month loss of some $3 billion reported in November. Since then, Noble has been winding down its remaining oil trading operations in London and Singapore, with many key traders leaving to join competitors. "That (U.S. oil business) comprised the material share of Noble's oil business. The rest ... has either closed or is in the final process of sale," a source familiar with the matter said. A spokeswoman for Noble Group declined to comment. The company, which had a market capitalisation of $6 billion in early February 2015, was plunged into crisis after a report by blogger Iceberg Research later that month questioning its accounting. Read more. (Subscription required.)