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CALGARY/NEW YORK — Nexen Energy, a wholly owned subsidiary of China’s CNOOC Ltd, is closing its crude oil trading division following a round of job cuts announced last week, four market sources said on Monday.

The Calgary-based company, which was acquired by state-controlled CNOOC in 2013 for US$15.1 billion, cut 400 jobs last week in North America and the United Kingdom in response to plunging global oil prices.

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Three sources said Nexen was closing down its trading operations worldwide, although the majority of activity takes place in Calgary. The company will continue to market its own crude.

Nexen did not immediately respond to requests for comment.

In Canada, Nexen’s crude oil desk is the biggest trading casualty so far of the global oil price rout, in which U.S. crude prices have more than halved since last June to around US$47.00 a barrel.