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Asian shares continue to struggle on oil worries Asia shares rise despite oil worries
(34 minutes later)
Asian stocks struggled to make any headway on Wednesday as further falls in oil prices, together with concerns over the eurozone's economy, fuelled investor worries. Most Asian stock markets ended higher on Wednesday despite further falls in oil prices and growing concerns over the eurozone's economy.
Following its worst day since March, the Nikkei opened down 0.4%, but finished the trading day barely changed at 16,885.33. Following its worst day since March, Japan's Nikkei 225 finished the trading day little changed at 16,885.33.
The price of benchmark Brent crude oil fell to $50.93 a barrel. Brent crude oil prices dipped below $50 a barrel for the first time since May 2009 to $49.92.
The price of US crude fell even further below the symbolic $50 level to $47.92. US crude also fell below $50 to $47.92 and the price has now more than halved since mid-2014.
The US crude price has now lost more than half of its value since mid-2014.
In addition to worries over oil prices and the political turmoil in Greece, a survey published on Tuesday indicating the eurozone saw anaemic growth in December further fuelled investor concerns.In addition to worries over oil prices and the political turmoil in Greece, a survey published on Tuesday indicating the eurozone saw anaemic growth in December further fuelled investor concerns.
However, investors in China shrugged off the global news with shares heading higher.
The Shanghai Composite ended up 0.7% at 3,373.95, while in Hong Kong the Hang Seng closed up 0.8% at 23,681.26.
Energy shares hitEnergy shares hit
In Greater China, shares also opened lower with the Shanghai Composite down 0.5% in early morning trade. The index later regained some ground, rising 0.4% to 3,366.02.
In Hong Kong, the Hang Seng opened down, but had moved into positive territory in afternoon trade, up 0.4% at 23,583.10.
Australia's share market remained in negative territory all day, with the S&P/ASX 200 closing down 0.2% at 5,353.61 points, with shares in energy firms bring hit by the falling oil prices.Australia's share market remained in negative territory all day, with the S&P/ASX 200 closing down 0.2% at 5,353.61 points, with shares in energy firms bring hit by the falling oil prices.
Shares in Santos, one of the nation's major oil and gas exploration firms, were down more than 1.3% at the end of the trading day, while resource giant BHP Billiton's shares finished flat.Shares in Santos, one of the nation's major oil and gas exploration firms, were down more than 1.3% at the end of the trading day, while resource giant BHP Billiton's shares finished flat.
Kara Ordway, a market strategist at City Index, said the Australian market looked weak but that it was "kind of a follow through from what we've seen in the US overnight".Kara Ordway, a market strategist at City Index, said the Australian market looked weak but that it was "kind of a follow through from what we've seen in the US overnight".
Leading US stock indexes closed lower for the fifth consecutive trading session on Tuesday, with the S&P 500 clocking its worst losing streak since late 2013.Leading US stock indexes closed lower for the fifth consecutive trading session on Tuesday, with the S&P 500 clocking its worst losing streak since late 2013.
In South Korea, the benchmark Kospi reversed earlier losses and moved into positive ground by the end of the day, closing up 0.7% at 1,883.83.In South Korea, the benchmark Kospi reversed earlier losses and moved into positive ground by the end of the day, closing up 0.7% at 1,883.83.
Shares in Korean Air Lines continued to fall, sliding 4.7%. Its shares had dropped more than 6% on Tuesday after announcing it would sell more than 500bn won ($455m) worth of new shares as it seeks to reduce its debt.Shares in Korean Air Lines continued to fall, sliding 4.7%. Its shares had dropped more than 6% on Tuesday after announcing it would sell more than 500bn won ($455m) worth of new shares as it seeks to reduce its debt.