SINGAPORE : Singapore share prices closed down 0.31 percent on Friday after crude oil topped US$124 a barrel, exacerbating inflation concerns, dealers said.

The Straits Times Index closed 9.85 points lower at 3,162.03.

Volume was 1.44 billion shares.

Losers led gainers 383 to 228.

Crude oil struck a fresh record high towards US$125 a barrel in Asian trade on Friday, even after the OPEC cartel insisted the market is well-supplied and driven by speculators.

Analysts said OPEC's view has already been factored into oil prices.

"In the longer term, high oil prices must have some fundamental impact," said Chan Tuck Sing, dealing director at UOB Kay Hian. "Basically, it will also raise the overall cost of doing business."

A technical glitch between the Singapore Exchange (SGX) server and traders' order management systems also affected trade, Chan said.

"There was some technical fault in the morning ... and that also affected sentiment and volume to a certain extent," he said.

Banking shares were mixed, with Oversea-Chinese Banking Corp slipping two cents to S$8.83, United Overseas Bank 10 cents lower at S$20.56 and DBS Group steady at S$19.98.

Property heavyweights ended lower, with CapitaLand losing eight cents to S$6.50, City Developments down 30 cents at S$11.52 and Keppel Land declining six cents to S$5.80.

Among blue chips, Singapore Airlines gained two cents to S$15.54 and Singapore Telecommunications finished one cent lower at S$3.71.

Bourse operator SGX fell 27 cents to S$8.72. - AFP/ms