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A modest rebound by oil futures gave way to fresh selling Monday, clearing the way for a new round of lows after the Organization of the Petroleum Exporting Countries offered no indication it’s ready to blink and cut production.
U.S. light, sweet crude futures for delivery in January CLF5, -0.54% pushed modestly higher in early action, buoyed in part by port disruptions in Libya before sinking again. West Texas Intermediate crude oil, as the U.S. benchmark is known, fell $1.90, or 3.3%, to close at $55.91, the lowest finish since May 2009.
January Brent crude LCOF5, -0.41% on London’s ICE futures exchange was dragged lower, falling 79 cents, or 1.2%, to $61.06 a barrel.
Gold extended its losing streak to a fourth session on Monday as oil failed to sustain its rebound.
Gold for February delivery GCG5, -0.92% dropped 14.80 points, or 1.2%, to settle at $1,207.70 an ounce, while March silver SIH5, -2.70% sank 49 cents, or 2.9%, to $16.56 an ounce.
Gold and oil prices have been moving in tandem recently with gold taking its cue from the oil market more frequently.
Here are the latest trading levels for Asia's major stock markets:
Tokyo (Nikkei Average) down 1.9% (at break)
Hong Kong (Hang Seng Index) down 1%
Shanghai (Shanghai Composite Index) up 1%
Sydney (S&P/ASX 200) down 0.6%
Seoul (Kospi) down 0.3%
Taipei (Taiex) up 0.4%
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Asian markets mostly slipped on Tuesday, following a sell-off in Europe and the United States, as oil prices plunged to more than five-year lows and data indicated Chinese manufacturing activity shrank in December.
The dollar and euro edged lower against the yen after losing pace Monday owing to the uncertainty caused by the weak crude, which has increased pressure on Russia's economy, spooking investors.
Tokyo tumbled 1.80 per cent, Hong Kong lost 0.65 per cent, Sydney slipped 0.39 per cent and Seoul was 0.62 per cent lower, while Shanghai rose 0.55 percent.
In China, banking giant HSBC said its preliminary index of manufacturing activity came in at 49.5 this month, compared with 50 in November. Anything below 50 points to contraction and anything above shows growth.
MALAYSIA share prices opened lower on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 8.43 points to 1688.74.
Volume was 26.15 million lots worth RM10.88 million.
Losers outnumbered gainers 160 to 28.
