Oil drives markets lower as it drop below $30

A renewed slide in oil prices brought down stock markets on Tuesday.

Brent crude oil fell 1.5 per cent in Asian trading this morning at $30.03 a barrel. It lost 5.2 per cent in New York trading on Monday. West Texas Intermediate, (WTI oil), was down by 1.9 per cent at $29.75 following a 5.8 per cent decline on Monday.

Global equities have recently developed a correlation with oil prices and stock have been sold off as oil prices tumble, and rally when oil picks up.

The Tokyo Nikkei was down by 1.8 per cent, while Hong Kong’s Hang Seng was 2.1 per cent lower. The Shanghai Composite was down 1.6 per cent. Australian markets were closed for a public holiday.

The yen was among the best-performing Asian currencies, 0.2 per cent stronger at Y118.10 per dollar as investors favoured haven assets amid the market sell-off. GBP/JPY declined from 168.64 to 167.75.

EUR/USD traded between 1.0842-59. But EUR/JPY was down, from 128.42 to 128.12.

The post Oil drives markets lower as it drop below $30 appeared first on FXTM Blog.

Source:: Oil drives markets lower as it drop below $30

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