Asian Equities Continue Decline on Oil’s Rout

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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