Asian Equities Continue Decline

Asian shares posted steep losses early Tuesday following a sell-off on Wall Street overnight as global oil markets tumbled to near six-year lows.

U.S. stocks lost ground on Monday, extending a two-week decline, as worries about falling oil prices took hold before the start of quarterly earnings.

Oil prices slumped more than 5 percent overnight, extending the second-deepest rout on record, after Goldman Sachs slashed its short-term price forecasts and Gulf producers showed no sign of curbing output. U.S. crude settled down $2.29 at $46.07, its lowest settlement since April 2009. Brent crude was last down about $3 to $47.24 a barrel, after dropping as low as $47.18, its lowest level since March 2009.

CNBC

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