As of today, the crude oil price in Singapore is approximately SGD 105–110 per barrel — Brent crude (USD) multiplied by the live USD/SGD rate. Singapore produces no crude oil of its own, yet is the world’s 3rd largest oil refining centre and Asia’s foremost crude pricing hub. S&P Global Platts publishes daily Asian crude benchmarks from Singapore — making it the reference point for all Middle Eastern crude sold to China, India, Japan, and South Korea.
Live Crude Oil Price in Singapore Today — Brent Rate in SGD
Crude oil price in Singapore today in SGD — Brent barrel price updated every 5 minutes, converted to Singapore dollars at live USD/SGD rate
Singapore is the world’s 3rd largest oil refining centre and Asia’s most important crude oil trading hub — despite having no domestic crude production. The city-state’s strategic location at the southern tip of the Malay Peninsula, astride the Strait of Malacca (through which ~25% of global oil trade passes), has made it the nerve centre of Asian energy markets since the 1970s.
Why Singapore is Asia’s Crude Oil Price Hub — Platts Benchmark Explained
Singapore crude oil price benchmark — how S&P Global Platts sets Asian oil prices from Singapore every trading day
S&P Global Platts runs its critical Market-on-Close (MOC) assessment window from Singapore daily between 4:00 PM and 4:30 PM SGT — during which crude traders submit bids, offers, and transactions. These 30 minutes set the reference price for all Middle Eastern crude sold to Asia — covering hundreds of billions of dollars in annual trade between the Gulf and China, India, Japan, and South Korea.
Why Crude Oil Prices Change Daily in Singapore
Why is crude oil price changing in Singapore today — 4 key drivers for Asia’s largest oil trading and refining hub
Approximately 25% of global seaborne oil trade passes through the Strait of Malacca between Malaysia, Singapore, and Indonesia. Any geopolitical tension, piracy risk, or tanker congestion immediately affects Singapore’s crude import flow and regional pricing. Singapore’s Port of Jurong handles over 130,000 vessels per year — the world’s 2nd busiest port by tonnage.
Jurong Island houses Singapore’s three mega-refineries — ExxonMobil (592,000 b/d), Shell (458,000 b/d), and Chevron (290,000 b/d) — all running on imported Brent. When Asian crack spreads widen, crude demand rises and prices increase. Narrow margins mean slower runs, pushing demand and prices lower.
The S&P Global Platts Market-on-Close (MOC) window runs 4:00–4:30 PM SGT daily. Large trades executed in this 30-minute window directly move Asian crude reference prices. When major traders like Vitol, Trafigura, and Gunvor are aggressive buyers, it signals strong demand — lifting Asian crude premiums above Brent.
Singapore’s oil market is a leading proxy for Asian demand. When China’s Shandong teapot refineries and India’s IOC/BPCL ramp up crude buying, it surfaces first in Singapore trading volumes — pushing SGD crude prices up. China’s PMI and industrial output data move Singapore prices within hours of release.
Singapore Crude Oil Price Forecast — Asia Demand and Refining Hub Future
Singapore crude oil price forecast — Asia refining hub outlook, Platts benchmark evolution, and SGD oil price trend
- China demand recovery lifting Asian crude premiums via Platts
- India’s refining expansion driving more Gulf crude through Singapore
- Singapore growing as LNG and sustainable aviation fuel (SAF) hub
- OPEC+ supply cuts tightening global Brent benchmark
- EV adoption in China reducing long-term Asian crude demand
- Competing hubs (India’s Jamnagar, South Korea’s Ulsan) limiting Singapore’s margin
- Weak SGD raising import costs without equivalent price upside
- US shale exports to Asia increasing supply competition
⚠️ Forecasts are inherently uncertain. Not financial advice. Consult a qualified financial adviser before making energy market decisions.
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This Brent crude price tracker for Singapore in SGD is maintained by Current Affair (currentaffair.today). Prices are updated every 5 minutes using data from metals.live (primary, ~15 min delayed), Alpha Vantage commodity API (secondary, end-of-day), and Yahoo Finance futures (tertiary fallback). Prices are indicative only and approximately 15 minutes behind live market prices.