The fall, which in some cases wiped off almost a fifth of some rig builders’ market value in a single trading session, came after news that Saudi Arabia would go into a price war with other oil-producing countries. The price of Brent crude shed 23% to $35.01 a barrel. With oil demand already plummeting due to the coronavirus epidemic, traders fear prices may fall even further and deal a serious blow to big offshore players like Singapore-listed Keppel Corp. and Sembcorp Marine Ltd., whose stocks plunged Monday by 9.7% and 11.4%, respectively. The FTSE Straits Times Index, the benchmark for the Singapore stock market, closed down 6%. Newsletter Sign-up “The oil market is now faced with two highly uncertain bearish shocks with the clear outcome of a sharp price sell-off,” said Jeffrey Currie, head of commodities research at Goldman Sachs in New York. Smaller Singapore offshore players that provide […]