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Oil futures fell Monday, stretching their losing streak to a third session and hitting their lowest levels in more than five years on concerns over a surging U.S. dollar and nagging worries of growing oil supplies.
Sweet crude for delivery in February CLG5, +0.32% fell $2.65, or 5%, to settle at $50.04 a barrel on the New York Mercantile Exchange. Prices traded as low as $49.77 a barrel earlier in the session.
February Brent on London’s ICE Futures exchange LCOG5, +0.32% declined $3.31, or 5.9%, to end at $53.11 a barrel, the lowest settlement since May 1, 2009. Brent has lost 8.3% over the past three sessions.
Here are the latest trading levels for Asia's major stock markets:
Tokyo (Nikkei Average) down 2.8%
Hong Kong (Hang Seng Index) down 1.5% (at break)
Shanghai (Shanghai Composite Index) down 1% (at break)
Sydney (S&P/ASX 200) down 2%
Seoul (Kospi) down 1.6%
Mumbai (Sensex) down 1.4%
Taipei (Taiex) down 2.2%
Asian markets tumbled Tuesday following painful losses in New York and Europe while the euro sat near nine-year lows as political uncertainty in Greece fanned renewed fears it could leave the eurozone.
Oil prices, which fell below the psychological US$50 a barrel mark in US trade, edged up marginally but remained under pressure owing to a global supply glut, weak demand and a stronger dollar.
Tokyo tumbled 2.50 per cent, Hong Kong lost 0.89 per cent, Sydney eased 1.67 per cent, Seoul was 1.30 per cent lower while Shanghai reversed earlier losses to gain 0.70 per cent.
MALAYSIA share prices opened lower on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 9.95 points to 1730.94.
Volume was 43.11 million lots worth RM15.45 million.
Losers outnumbered gainers 195 to 22.
MALAYSIAN shares ended lower on Monday with the Kuala Lumpur Composite Index slipping 16.15 points to close at 1,736.62.
Some 1.47 billion lots, valued at RM1.41 billion were traded. Gainers numbered 271 while losers numbered 502.
