Singapore O&G plays soar on oil supply fears
Shares of oil exploration firms Rex International and GSS Energy jump more than 7%; rigbuilders may also get uplift
Add BT as a preferred sourceWITH US-China trade tensions receding, investors had been gearing up for the slew of central bank meetings led by the US Federal Reserve's likely rate cut decision.
But they were thrown a curveball on Monday following drone attacks on two Saudi Aramco facilities last Saturday, the result of which saw oil prices jump by as much as 20 per cent.
Investors and traders headed for safe havens like gold - spot prices were above US$1,500 per ounce, the Japanese yen and the greenback. Still, oil prices dipped after US President Donald Trump authorised the release of oil from US reserves.
TRENDING NOW
Analysts raise DBS targets to as high as S$81 after record Q2 net profit
How BYD disrupted Singapore’s car market – and why the strategy is turning on itself
Two-thirds of Sentosa Cove resales in the red, with average loss topping S$1 million since 2023
Malaysia’s Tabung Haji reckoning: The billions lost, the rescue and what comes next
