On April 27th, 2020, Industrial and Commercial Bank of China issued the Notice on Recent Trading Arrangements of Account Crude Oil;

In view of the recent negative price phenomenon of crude oil futures in the United States, the commodity market fluctuates greatly, which may cause all the losses of your investment principal or deposit. In order to protect your rights and interests, according to the relevant provisions of China Industrial and Commercial Bank Account Energy Trading Agreement, China Industrial and Commercial Bank Account Basic Metal Trading Agreement and China Industrial and Commercial Bank Account Agricultural Products Trading Agreement;

Since 9:00 am Beijing time on April 28, 2020, the Bank has suspended the open trading of all products of crude oil, natural gas, copper and soybeans, and the closed trading of customers with positions, the scheduled extension date and the adjustment of continuous product share will not be affected.

Extended data

Previously, the three state-owned banks, Bank of China, China Construction Bank and Bank of Communications, have issued announcements to suspend the opening of paper crude oil. All this originated from April 2, 20201,and the settlement price of American WTI5 crude oil futures fell to -37.63 USD/barrel in May, which triggered the opening of crude oil products in China Bank.

The incident directly caused tens of thousands of investors not only to lose their principal, but also to owe the bank more than twice as much money. According to Caixin, the total loss of the crude oil treasure incident may be around 9 billion yuan.

On the morning of April 22, 2020, after the warehouse explosion, Bank of China announced that, in view of the current market risk and delivery risk, Bank of China suspended the new warehouse trading of customers' crude oil treasures (including American Oil and British Oil) from April 22, and the customers' positions were not affected.

On the evening of April 22, 2020, China Construction Bank also announced that, in view of the current price risk and liquidity risk, since the date of announcement, the monthly contract opening transactions of Brent crude oil and WTI crude oil in the account will be suspended, and the closing transactions of customers will not be affected.

Phoenix. Com-Tracking Crude Oil | ICBC also suspended the opening of paper crude oil. Will the paper goods be withdrawn?

Industrial and Commercial Bank of China-Notice on the recent trading arrangement of crude oil and other services in the account