DHAKA: Markets in Asia have followed US markets lower as further falls in the price of oil have unsettled investors.

Brent crude prices fell 6.3% to $30.15 a barrel, ending a short-lived rebound as persistent concerns of oversupply were exacerbated by news that Iraq's output reached a record high last month

Wall Street also fell, wiping out most of its gains from the past two days.

Asia’s biggest index, Japan’s Nikkei 225 followed the US, dropping 2.4% to close at 16,708.90 points.

The ongoing slump in the oil price has investors worried that slowing growth in the global economy, and China in particular, is far from any substantial recovery.

Chinese markets also fell in line with global losses, doing little to reassure investors.

The benchmark mainland index, the Shanghai Composite, fell by 3.7% to 2,831.20 points, while Hong Kong’s Hang Seng shed 1.9% to 18,963.98 in afternoon trade.

BDST: 1313 HRS, JAN 26, 2016
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