Asian equity markets are seen joining Wall Street’s slump on Tuesday after oil markets resumed their downward spiral. Australia’s benchmark S&P ASX 200 retreated from one-and-a-half-week highs hit in the previous session, down 0.7 percent in early trade. Meanwhile, the Australian dollar hovered around 83 U.S. cents, not too far off from a four-year low.
Japanese shares are seen snapping their seven-day winning streak and moving off a seven-and-a-half-year high. Osaka futures dropped 1 percent to 17,780 and Chicago futures declined nearly 2 percent to 17,740, below the Nikkei’s previous finish of 17,935.
Both Brent and U.S. crude tumbled 4 percent to new five-year lows on Monday following worrying remarks by an OPEC member. Brent settled at $66 a barrel while U.S. crude closed at $63 per barrel.