Oil-linked stocks slide as crude hits fresh lows
Exploration and production companies will bear the brunt of losses, says Moody's
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Singapore
OIL-LINKED counters here continue to face the aftermath of plunging crude prices. As of Tuesday evening, crude prices hit fresh lows. Brent, the international benchmark for crude, traded at US$52.06 per barrel, while West Texas Intermediate, the US crude benchmark traded at US$49.06 per barrel, breaking yet another psychological price barrier.
Credit ratings firm Moody's said on Tuesday that it expects crude prices to remain weak through 2015, due to oversupply from non-Opec (Organisation of the Petroleum Exporting Countries) producers. Since its peak in June 2014, oil's value has more than halved.
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