SGX Singapore Opening Market Update

THE Straits Times Index (STI) opened lower at 3,361, down 8.95 points or 0.27 per cent, on Wednesday, weighed down by cautious sentiments as commodity prices fall and nervousness increased ahead of a Federal Reserve policy statement.

Oil extended losses from a six-year low with the US government data projected to show crude stockpiles had risen to a fresh record.

Analysts are saying US oil is on the cusp of a bear market, with many predicting supplies already at their highest level in more than 30 years rose by another 4.4 million barrels.

The Fed may cut a reference to being "patient" on rate rises in its policy statement, Morgan Stanley and BNP Paribas SA have said, according to Bloomberg.