Vitol Power Unit Under UK Scrutiny After Profit Rose 2,600% bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
(Bloomberg) The British power generation unit of Vitol Group saw a 27-fold increase in profits last year as prices soared and its traders employed controversial tactics that are now facing regulatory clampdown.Most Read from BloombergThe Bear Market Has Nearly Been Erased, Fewer Than 20 Months After It BeganPutin Warns Poland Over ‘Aggression’ Against Ally BelarusUS Recession Becomes Closer Call as Economists Rethink ForecastsWhy South Africa Is on the Brink of ChaosOil Trader Vitol Doubled A
Oil prices rose nearly 2% to their highest in more than two years on Tuesday, buoyed by expectations demand will recover rapidly in the second half of 2021.
Three of the world’s biggest oil traders were at odds about where the oil price would be this time next year, with Vitol taking a bearish view while Gunvor and Trafigura stayed bullish. Benchmark Brent crude LCOc1 surged above to $81 a barrel on Monday, hitting a three-year high and up more than 50% so .
Three of the world's biggest oil traders were at odds about where the oil price would be this time next year, with Vitol taking a bearish view while Gunvor and Trafigura stayed bullish.