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Oil slump drags down Australian shares Oil slump drags down Australian shares
(about 3 hours later)
Australian stock markets have traded lower on Wednesday following an overnight slump in oil prices. Australian stocks fell on Wednesday following an overnight slump in oil prices.
The resource-heavy S&P ASX 200 index has lost 1.08% to 5,295.80 points. The resource-heavy S&P ASX 200 index closed down 1.5% at 5,271.10.
Shares in energy giant Rio Tinto were down almost 5%, while Woodside Petroleum lost 4.2%. Shares in energy giant Rio Tinto finished 7.8% lower, while Woodside Petroleum lost 5%.
Oil prices fell overnight on renewed fears of a supply glut. According to industry data, output from Middle East producers jumped last month and may continue to rise in the short term.Oil prices fell overnight on renewed fears of a supply glut. According to industry data, output from Middle East producers jumped last month and may continue to rise in the short term.
Additionally, a US government report due out on Wednesday is expected to show that US crude stockpiles are at a record high.Additionally, a US government report due out on Wednesday is expected to show that US crude stockpiles are at a record high.
Brent crude, used as an international benchmark, was down 1.9% overnight at $44.97 a barrel. Prices edged higher in Asian trade to just above $45 per barrel. Brent crude, which is used as an international benchmark, was down 1.9% overnight at $44.97 a barrel. Prices edged higher in Asian trade to just above $45.
BHP Billiton shares were sharply lower in Australia, down as much as 8.4%. Shares in BHP Billiton fell more than 9% in Australia following news of a lawsuit in Brazil. Prosecutors in Brazil filed a $43.5bn (£30bn) civil lawsuit against iron miner Samarco, and its owners BHP Billiton and Vale.
Prosecutors in Brazil have filed a $43.5bn (£30bn) civil lawsuit against iron miner Samarco, and its owners BHP Billiton and Vale. Anglo-Australian BHP and Brazil's Vale said they had yet to receive formal notice of the claim. In China, the Shanghai Composite has down 0.2% at 2,986.19, while in Hong Kong the Hang Seng index fell 228.40 points, or 1.1%, to 20,451.95.
In South Korea, the benchmark Kospi index was down 0.6% at 1,973.52 points. In South Korea, the benchmark Kospi index closed down 0.5% at 1,976.71 points.
Over in China the Shanghai composite has lost 0.2% to 2,986.19.
In Hong Kong the Hang Seng index fell 228.40 points, or 1.09%, to 20,451.95.
US stocks closed lower overnight as concerns about a global economic slowdown resurfaced.
Weak economic data from China and Europe, a drop in oil prices and an Australian rate cut renewed fears about the global economy.
Markets in Japan are shut for three days of national holidays and will re-open on Friday.Markets in Japan are shut for three days of national holidays and will re-open on Friday.