Oil Mayhem Hits China as Top Traders Are Suspended
- Sinopec suspends two top officials at its trading unit Unipec
- Refining giant’s shares decline 5% after Thursday’s 6.8% drop
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China is the latest victim of the wild swings in oil prices that have roiled trading firms across the globe this year.
Two top officials at Unipec, one of the country’s most powerful trading companies, were suspended this week following losses on bets related to oil prices in the second half of the year, according to people with knowledge of the matter.