Reuters, Tokyo :
Asian shares buckled on Thursday in the wake of steep losses on Wall Street, as Brent crude oil skidded to 12-year lows amid a commodities rout that heightened fears about the global economy.
Global benchmark Brent LCOc1 tumbled 0.9 percent to $30.05, after marking a fresh 12-year low of $29.73.
US crude prices CLc1 last edged up 0.2 percent to $30.55 a barrel, but remained not far from Tuesday’s nadir of $29.93, which was their lowest level since December 2003.
“Perhaps $30 or just slightly below is acting as a little bit of a floor, but that being said that’s a straw in a hay barn in terms of positivity,” said Ben le Brun, market analyst at OptionsXpress in Sydney.
“The rest of the news is decidedly negative about oil,” he said.
London copper fell to its lowest since May 2009, compounding worries about the effect of China’s waning growth on demand for commodities. Copper CMCU3 was last down 0.4 percent at $4,375.50 a tonne after earlier dropping as low as $4,330.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS extended early losses and was down 2 percent.
Asian shares buckled on Thursday in the wake of steep losses on Wall Street, as Brent crude oil skidded to 12-year lows amid a commodities rout that heightened fears about the global economy.
Global benchmark Brent LCOc1 tumbled 0.9 percent to $30.05, after marking a fresh 12-year low of $29.73.
US crude prices CLc1 last edged up 0.2 percent to $30.55 a barrel, but remained not far from Tuesday’s nadir of $29.93, which was their lowest level since December 2003.
“Perhaps $30 or just slightly below is acting as a little bit of a floor, but that being said that’s a straw in a hay barn in terms of positivity,” said Ben le Brun, market analyst at OptionsXpress in Sydney.
“The rest of the news is decidedly negative about oil,” he said.
London copper fell to its lowest since May 2009, compounding worries about the effect of China’s waning growth on demand for commodities. Copper CMCU3 was last down 0.4 percent at $4,375.50 a tonne after earlier dropping as low as $4,330.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS extended early losses and was down 2 percent.
