European banks committed to backing action on climate change face allegations of double standards from indigenous groups in Ecuador after a report named them as major players in the trade in oil from the Amazon rainforest. Stand.earth and Amazon Watch said ING, Credit Suisse, Natixis, BNP Paribas, UBS and Rabobank were the largest backers in the shipment of about $10 billion of dollars of Ecuadorian crude to U.S. refineries over the last decade.
Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts expected, bolstering hopes that fuel demand in the world's biggest economy can weather the coronavirus pandemic. Brent crude was up 52 cents, or 1.2%, at $45.02 a barrel by 0648 GMT, after falling around 1% on Tuesday. West Texas Intermediate oil was up 49 cents, or 1.2%, at $42.10 a barrel, having dropped 0.8% in the previous session.
It’s a bearish start to the day for the majors. A Bitcoin move through to $11,500 levels would support the broader market.