Crude oil slid,
extending declines from a five-year low amid concern over waning global
demand for the commodity. Australian stocks dropped and Japanese index
futures slipped while the yen gained after a national election.
West Texas
Intermediate oil sank 1.8 percent to $56.79 a barrel by 8:56 a.m. in
Tokyo, dropping for a fourth straight day as Brent crude fell 1.3
percent. The S&P/ASX 200 Index lost 1.3 percent in Sydney. Futures
on the Nikkei 225 Stock Average were bid 1.3 percent below their Dec. 12
close in the Osaka pre-market, while the yen added 0.5 percent after
Prime Minister Shinzo Abe secured victory in yesterdays vote. Standard
& Poors 500 Index futures were little changed after a slump Dec. 12
sealed the U.S. gauges first weekly drop since mid October.
Oil prices have
tumbled by more than $40 a barrel this year as U.S. shale output
contributes to a global glut amid forecasts for a drop in demand. WTI
extending losses below $58 ignited a selloff in U.S. equities Dec. 12,
with the Dow Jones Industrial Average erasing 100 points in the last
hour of trading. In Japan, Abes ruling bloc won more than two-thirds of
the seats in the lower house, while the Tankan surveys of corporate
sentiment were mixed for the fourth quarter.
Source : Bloomberg
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