Singapore energy stocks hit as oil prices plunge following Opec decision

Singapore energy counters were hit on Friday following the decision a day earlier by oil cartel Opec not to cut output despite the global supply glut.

In the first thirty minutes of trading on the Singapore Exchange, the ST Oil and Gas Index was down nearly 2 per cent, the lowest since Jan. 2012, tracking tumbling crude oil prices.

The loss in the index was led by oilfield service provider Ezion Holdings Ltd, whose share price was down as much as as 6.7 per cent to $1.31, the lowest since Feb. 2013.

Oil rig builders Keppel Corp Ltd, down 17 cents at $9.03, and Sembcorp Marine Ltd, down 8 cents at $3.23, were the worst performers on Singapore's benchmark Straits Times Index. Both hit the lowest since the fourth quarter of 2011.