Weak Europe, Dow futures reverse STI's gain

AN almost 6 per cent jump in oil prices helped push the Straits Times Index (STI) up almost 20 points on Wednesday, but by late afternoon a reversal in the Dow futures and a weak opening for Europe brought the index down to 2,793.99, a net loss of 3.56 points.

Turnover amounted to 1.7 billion units worth S$1.3 billion, the 10th straight day that dollar value rose above S$1 billion, and excluding warrants there were 201 rises versus 185 falls.

According to The Wall Street Journal (WSJ), oil prices bounced off a three-month low, bolstered by speculation that members of Opec (the Organization of the Petroleum Exporting Countries) are working out the details of a proposed reduction in crude output.