Daily Briefing: Oil traders expect relief in prices; Singapore's home prices dropped 2.4%

New Green Mark Scheme prods increased technology use in residential buildings.

Large oil traders are hopeful about relief in slumping oil prices. In the annual Asia-Pacific Petroleum Conference in Singapore, 14 of 15 oil traders and executives sought for comments expect crude to remain between $40 and $60 per barrel for the 12 months. Read more here.

The sluggish economy, stringent property cooling measures, and the strong US dollar are weighing on property markets in Asia. In Singapore, home prices dipped 2.4% YoY in 2Q16. Knight Frank has placed the city-state, along with Hong Kong and Taiwan among the worst performers in its Global House Price Index. Read more here.

The Ministry of National Development is prodding developers to innovate and maximise the use of technologies like sensors in monitoring energy usage to improve the sustainability of residential buildings. Speaking at the opening of Singapore Green Building Week, National Development Minister and Second Minister for Finance Lawrence Wong made the comments as he revealed the Green Mark Scheme for new residential buildings has already been updated. Read more here.