OIL prices plunged to new lows on Friday as the International Energy Agency predicted lower demand for crude oil next year. That, coupled with weaker economic data coming out of China last week, sent global oil prices to fresh five-year lows during Friday's trading. Brent crude fell to US$62.75 and the US WTI fell to to US$58.80 per barrel, its lowest level since May 2009.
Oil and gas related counters: Oil & gas stocks and offshore & marine counters have all seen significant declines in their market cap in recent weeks, due to falling oil prices whereas transportation-related counters, particularly SIA and NOL, have seen their share prices rise due to cheaper fuel costs.
XMH Holdings: The diesel engine provider for the marine and industrial sectors saw its Q2 net profit decline 64.9 per cent from a year ago to S$711,000 due mainly to slower sales in the distribution business. Its revenue slipped 28.9 per cent to S$19.23 million during the three months, the company announced late on Friday night.