Oil Price in Singapore — Brent & WTI Crude Today

Singapore is a global refining and trading hub with limited domestic crude but massive throughput from imported Middle Eastern grades. Its complex refineries price products off Brent and Dubai benchmarks for Asian markets.

Classified here as a small domestic producer, Singapore trades against the Dubai/Oman average and Brent. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Singapore settles at.

Singapore produces crude, but not at a volume that influences the global balance. Domestic output softens the import bill without insulating the country from the benchmark, because unsold barrels always have an export alternative — refiners price against what the crude could fetch abroad, not what it cost to lift.

Asian refiners buy most of their crude on Dubai/Oman-linked term contracts from Gulf producers, and top up with Brent-linked Atlantic Basin cargoes when the Brent–Dubai spread makes that arbitrage work.

Singapore runs refining capacity at export scale. That changes the exposure profile completely: the country buys crude and sells products, so what matters is the refining margin — the crack spread between the crude it takes in and the gasoline, diesel and jet it ships out — rather than the crude price on its own. A high Brent price with wide cracks can be a better outcome here than cheap crude with collapsed margins.

Crude is invoiced in US dollars, so buyers in Singapore face two prices at once: the Brent price and the SGD exchange rate. A weakening SGD raises the local cost of a barrel even when Brent is flat, which is why domestic fuel prices in currency-exposed markets often fail to fall when the benchmark does. The reference rate used in the estimates on this site is 1.34 SGD per USD.