Nomura Securities, which put a target of $220 on oil not too long ago, is scaling back on some energy trading and restructuring commodities staff in London and Asia, a source said.
Oil traders were buzzing about the developments Wednesday, particularly because of Nomura's outsized call. Nomura had said in late February oil could reach $220 if Algeria joined Libya in shutting down oil production.
The source said a small amount of staff was affected and the cut backs are not affecting precious metals trading. Nomura is not a major commodities house. The source said it will continue its fixed income focus.
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