STI opens with 3% drop over oil mayhem fallout

Submitted By:  Nathanielle Punay Case Study:  No Steep declines in offshore, banking, and property are dragging on the index. Global oil prices tumbled 30% after the OPEC and Russia failed to reach an agreement on production cuts, and no markets were spared from the fallout as Singapore’s Straits Times Index (STI) fell 3% when it opened on 9 March. This latest downturn suggests that oil prices could go as low as US$18 per barrel, according to CMC Markets’ analyst Margaret Yang. read more