Singapore Shares Open Lower as Rising Oil Prices Fuel Inflation Fears
MT Newswires10-08 09:50
Singapore shares opened lower on Thursday, tracking broader weakness across Asian markets as a spike in oil prices reignited concerns over rising inflation.
The Straits Times Index opened down 21.22 points, or 0.38%, at 5,587.22.
Brent rose 1% to around $101.20 a barrel on reports that the US was drawing up strike options against Iran, which could take place before the midterm elections.
The US is also under pressure as oil output is expected to be restricted due to a storm developing in the Gulf of Mexico, which is likely to affect oil and gas facilities.
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