Fredriksen's oil trader Arcadia is said to scale back business

Norwegian billionaire John Fredriksen's oil trader Arcadia is in the midst of a significant reduction of its oil trading activities, and the trader is also cutting jobs. Sources say it is unclear whether Arcadia will remain in the crude market.

BY SHERRY SU, LAURA HURST, AND JAVIER BLAS, BLOOMBERG

Arcadia Petroleum Ltd., the commodities house owned by shipping billionaire John Fredriksen, is dramatically scaling back in oil trading and cutting jobs, according to people familiar with the matter.

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