Ezra falls on worries about slowing oil demand

Shares of Singapore oil services provider Ezra (EZRA.SI) fell as much as 2.6% on Tuesday on concerns that lower demand for crude oil may hurt its orders, traders said.

At 10:52 a.m., shares of Ezra were 2.6% lower at $1.52 with over 1.3 million shares traded.

Oil prices fell for a third consecutive day on Tuesday as fears of a widening euro-zone debt crisis and a drop in Chinese crude imports rekindled concerns about a demand slowdown. 

 

“Ezra’s shares have come off after its recent gains because oil prices have been slipping and this may not bode well for its order flow,” said a local trader.

 

Ezra shares had risen about 5% since the start of July, outperforming the Straits Times Index’s <.FTSTI> 0.1 percent fall in the same period.

 

China’s crude oil imports fell in June and inflation in the world’s number two oil consumer accelerated to a three-year high, raising the probability of more monetary tightening and slowed economic and oil demand growth.