Singapore shares closed higher Wednesday even as rising oil prices and concerns over the sustainability of artificial intelligence investment weighed on sentiment.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,404.87 and 5,458.29 throughout the day. It ended the session at 5,437.99, up 33.97 points or 0.6% compared to Tuesday's close.

Among local companies with a market cap of at least 1 billion Singapore dollars ($782.5 million), Golden Agri-Res was the biggest leader during the session, adding 3.7%, and AEM SGD increased 3.29%. UOB-Kay Hian Holdings rounded out the top three movers, as shares increased 3.1%.

OUE REIT was the biggest laggard, falling 2.9%, followed by shares of Frasers Property, which dropped 2.2%. Shares of Jardine Cycle & Carriage fell 1.1%.