SINGAPORE stocks closed lower with the benchmark Straits Times Index down 9.85 points, or 0.31 per cent, at 3,162.03.

Up to 1.4 billion shares exchanged hands. Losers beat gainers 383 to 228.

Crude oil struck a fresh record high towards 125 dollars (S$171) a barrel in Asian trade on Friday, even after the Opec cartel insisted the market is well-supplied and driven by speculators.

Analysts said Opec's view has already been factored into oil prices.

'In the longer term, high oil prices must have some fundamental impact,' said Chan Tuck Sing, dealing director at UOB Kay Hian.

'Basically, it will also raise the overall cost of doing business.'

A technical glitch between the Singapore Exchange (SGX) server and traders' order management systems also affected trade, Chan said.

'There was some technical fault in the morning ... and that also affected sentiment and volume to a certain extent,' he said.

Banking shares were mixed, with Oversea-Chinese Banking Corp slipping two cents to 8.83 dollars, United Overseas Bank 10 cents lower at 20.56 dollars and DBS Group steady at 19.98 dollars.

Property heavyweights ended lower, with CapitaLand losing eight cents to 6.50 dollars, City Developments down 30 cents at 11.52 dollars and Keppel Land declining six cents to 5.80 dollars.

Among blue chips, Singapore Airlines gained two cents to 15.54 dollars and Singapore Telecommunications finished one cent lower at 3.71 dollars. Bourse operator SGX slumped 27 cents to 8.72 dollars. -- AFP