Oil supply uncertainties drive STI down
Straits Times Index loses 0.65 per cent or 20.93 points to close at 3,183 while Asian markets close mixed
Add BT as a preferred sourceASIAN markets closed mixed on Tuesday, as investors awaited clarity on whether the weekend attack on Saudi oil facilities will significantly disrupt global oil supplies.
Key indices in Australia, New Zealand and Japan ended higher, while those in China and Hong Kong closed with losses. South Korea closed flat on the day.
Esty Dwek, head of global market strategy, dynamic solutions at Natixis Investment Managers, said that the oil price spike was not a surprise following the drone strike on Saturday, which impacted about 5 per cent of global supply. "The question is how long it takes for the supply to get back online," she said, noting that it could be a matter of days.
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