OCBC to ease loan repayment when prices settle above $60

Banking shares fell when OCBC released its earnings.

In a report from CNBC, Singapore's Oversea-Chinese Banking Corporation's chief on Tuesday said oil prices need to cross $60 per barrel to ease loan repayment pressures for oil and gas service firms that hit quarterly earnings.

Banking shares in Singapore fell after the bank known as OCBC released its earnings for the October-December quarter and full-year of 2016. OCBC's shares opened 3.2% lower, DBS Group Holdings fell 1% and United Overseas Bank (UOB) inched down 0.9%.

"(OCBC's earnings validated) market's concern of the woes within the oil and gas services sector. Bank shares are likely to take a hit in the day and the remaining of the trio, DBS and UOB, are expected to be weighed ahead of their reports later in the week," said Pan Jingyi, market strategist at IG.

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