Asian equity markets headed lower early Tuesday after Wall Street tumbled overnight in volatile trading and ahead of key data from China.
Overnight, U.S. stocks finished lower, topping off a wild ride that had the Dow Jones Industrial Average trading in a more than 300-point range on either side of neutral as crude prices came under renewed selling pressure.
The declines came as OPEC said it would not cut oil output despite fears of a glut, and a UAE official opposed holding an emergency meeting of the producer group to fix prices. U.S. crude settled at $55.91 per barrel, the lowest settlement since May 2009, while benchmark Brent oil was down 65 cents at $61.20.
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