Trading is an expensive business, and expensive is not invogue. Buying and selling oil requires access to plenty ofcredit. This has become harder to secure, particularly inEurope, where banks are concerned about their exposure tosovereign debt in the eurozone. Attempts to address thecrisis have seen European banks tighten lending require-ments, and reel in the short-term facilities that oil compa-nies use to continue trading operations. This has alreadyclaimed its first high-profile victim. But the effects oftighter credit on oil markets go deeper still.
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