Oil price slump hits Singapore's wholesale fuel traders
Banks reminded to avoid indiscriminate withdrawal of credit lines from oil sector: MAS
Sign up now: Get ST's newsletters delivered to your inbox
Oil storage tanks are seen from above in Carson, California, on April 25, 2020.
PHOTO: AFP
Ovais Subhani Senior Correspondent, Ovais Subhani
The slump in oil prices will weigh on Singapore's economic growth and manufacturing output, and if they stay low for longer, may cut profits of lenders as well.
While the mention of oil in Singapore is usually linked to big names in the Republic's offshore rig-building and refining industry, a high-profile bankruptcy has put the spotlight on trouble brewing in the fuel trading business.
