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Tightening bank credit to hold back oil recovery

Banks are pulling back new and uncommitted credit to traders as they size up their exposure to coronavirus-led demand disruption and Hin Leong's insolvency. Restrictive conditions are said to have been rolled out and these do not back contango plays

Traders constrained by a lack of supporting credit face increasing challenges to buy cargoes for the purpose of future sales and this would not help lift oil prices

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