Singapore banks' earnings buffers able to absorb oil hits: Fitch

Singapore

SINGAPORE banks have healthy earnings buffers to absorb any credit hits from the low oil prices, said Fitch Ratings in a report this week.

This comes as US crude prices plunged to about US$46 a barrel this week after data showed stockpiles of oil in the US surged by 3.3 million barrels in the week ended June 2. The figures from the Energy Information Administration were in stark contrast to analysts' expectations of a 3.5 million-barrel decline, and reflected the largest surge in US crude and products supplies since 2008.