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Asia Markets Fall After Oil Production Deal Collapses Asia Markets Fall After Oil Production Deal Collapses
(about 3 hours later)
HONG KONG — Oil plunged and markets across Asia slid on Monday after officials from oil-producing nations failed to agree over the weekend in Doha, Qatar, on the freezing of production.HONG KONG — Oil plunged and markets across Asia slid on Monday after officials from oil-producing nations failed to agree over the weekend in Doha, Qatar, on the freezing of production.
The meetings, which included officials from most of the Organization of the Petroleum Exporting Countries and Russia, were supposed to calm markets and show that Russia and Saudi Arabia were cooperating. But the talks faltered, partly because Saudi Arabia wanted Iran to participate in the freeze. Iran has rapidly increased production since sanctions on its nuclear program were removed. It has so far refused to cap production.The meetings, which included officials from most of the Organization of the Petroleum Exporting Countries and Russia, were supposed to calm markets and show that Russia and Saudi Arabia were cooperating. But the talks faltered, partly because Saudi Arabia wanted Iran to participate in the freeze. Iran has rapidly increased production since sanctions on its nuclear program were removed. It has so far refused to cap production.
West Texas Intermediate dropped almost 6 percent to fall below $38 a barrel in early Asia trading, but it pared losses and hit $38.66 a barrel by midafternoon. West Texas Intermediate dropped almost 6 percent to below $38 a barrel in early Asia trading, but it pared losses and hit $39.06 a barrel by midday in Europe.
Markets slumped across the region on Monday. Concerns about the effect of a recent earthquake weighed on the Nikkei 225 in Japan, which closed 3.4 percent lower, while the Hang Seng index in Hong Kong was down about 1.3 percent by midafternoon. In mainland China, stocks were down about 1.2 percent in Shenzhen and Shanghai. The S.&P./ASX 200 in Australia was battered earlier in the day and closed down 0.4 percent. Markets slumped across Asia on Monday. Concerns about the effect of a recent earthquake weighed on the Nikkei 225 in Japan, which closed 3.4 percent lower, while the Hang Seng index in Hong Kong finished down about 0.7 percent. In mainland China, stocks closed down 1.3 percent in Shenzhen and 1.4 percent in Shanghai. The S.&P./ASX 200 in Australia was battered earlier in the day and closed down 0.4 percent.
The decline in oil prices could affect share prices in other regions. Futures indicated that markets in Europe and the United States were likely to open lower. The decline in oil prices could affect equities, which have recently tended to rise and fall with oil prices, in other regions, and futures indicated that markets in Europe and the United States were likely to open lower. But European stock markets were largely flat by midday.