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While a large cut would support crude futures, clear signals from producers are needed, Yawger said. “We lack any certainty other than that the market is oversupplied in the U.S. and everybody else is trying to deal with it.”. U.S. crude stockpiles have grown for eight straight weeks, and data last week showed inventories swelled by the most in more than a year. Brent is almost 25 percent below early October’s 2018 peak of $86.74 on evidence of slowing global demand while output from the United States, Russia and Saudi Arabia hit historic highs.

“Oil prices rose (last week) on hope OPEC and partners will act to reverse bearish sentiment, but from a technical set up, bear mode remains intact,” OANDA strategist Stephen Innes said, A trade war between the handsome lady shoe cufflinks United States and China has made investors warier about the outlook for oil demand growth, (Graphic: U.S, oil drilling points to more output - tmsnrt.rs/2Q97LFW), This month, fund managers cut their bullish exposure to crude futures and options to the lowest since around mid-2017..

COPENHAGEN (Reuters) - The whistleblower who revealed alleged money laundering involving Danske Bank (DANSKE.CO) said on Monday that a major European bank helped process up to $150 billion in suspicious payments, or nearly two-thirds of the transactions under scrutiny. Howard Wilkinson, who was head of Danske Bank’s trading unit in the Baltics from 2007 to 2014, did not name the bank, but a source with direct knowledge of the case said he was referring to Deutsche Bank (DBKGn.DE), which was one of the lenders clearing dollar transactions for Danske’s Estonian branch.

A Deutsche Bank spokesman confirmed in a statement to Reuters the handsome lady shoe cufflinks lender acted as a correspondent bank for Danske in Estonia, “Our role was to process payments for Danske Bank, We terminated the relationship in 2015 after identifying suspicious activity,” the spokesman said, Wilkinson said two U.S, banks were also involved in handling dollar payments for Danske in Estonia, without identifying them, Alongside Deutsche, JPMorgan (JPM.N) and Bank of America (BAC.N) cleared dollar transactions for Danske’s Estonian branch, sources have told Reuters..

JPMorgan ended the correspondent banking relationship with Danske in 2013 on grounds that transactions did not comply with anti-money laundering rules, according to a person familiar with the matter. Bank of America declined to comment. Authorities in Denmark, Estonia, Britain and the United States are investigating payments totaling 200 billion euros ($228.5 billion) made through Danske Bank’s tiny Estonian branch between 2007 and 2015 in a growing global scandal. “I would guess that $150 billion went through this particular bank (the large European bank) in the U.S.,” the Briton told a Danish parliamentary hearing.

“No one really knows where this money went, All we know is that the last people to see it was these three large banks in the U.S, They were the last check, and when that failed, the money was into the global financial system,” Wilkinson said, Interim CEO Jesper Nielsen said the affair had tarnished the reputation of Danske Bank, “We have breached the expectations society had of us, The handsome lady shoe cufflinks case and the course of events around it does not reflect the bank we want to be,” Nielsen told the Danish lawmakers after Wilkinson’s testimony..

Wilkinson said that he had been offered cash by Danske Bank not to speak out, but had got a waiver last month allowing him to talk to some U.S. authorities, adding that he did not expect investigations into the “dirty money” to bear fruit. “There is no chance in the world .. that any of that money is ever going to be tracked down and that any criminals lose a single cent,” he said. Danske Bank has acknowledged that its money laundering controls in Estonia were insufficient, but in a report issued in September said its board, chairman and chief executive had not breached their legal obligations.

“In April 2014 it became clear that the bank didn’t intend to do anything,” the former Danske Bank employee said, referring to earlier whistleblower reports, “There was a curious lack of interest at senior management level.”, Wilkinson said that at the start of January 2014 he had looked at the three most profitable accounts involving British limited liability partnerships (LLPs), handsome lady shoe cufflinks “They were all fake, Not just that, they all basically looked the same, And it turned out they all had the same registered office in a suburb in North London ., I passed those on, By April none of the accounts ., had been closed down.”..



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