DHAKA: Many Asian markets fell on Tuesday as the decline in the oil price appeared to weigh on investor sentiment.

In Japan, the benchmark Nikkei 225 had fallen by more than 2% by midday, shedding 353 points to 15,769. This left the index on track for its sixth straight session of declines.

South Korea’s Kospi index fell 13 points to 1,965, reports the BBC.

US stocks ended lower on Monday after the price of US crude oil fell 3% in New York trade.

The drop extended falls from the previous two trading sessions, as hopes faded that oil producers would agree to curb production at their meeting on 17 April.

Oil prices hit a peak of $115-a-barrel in June 2014, but have plunged by more than 70% since then because of oversupply and sluggish demand.

The oil producers’ meeting later this month will take place in the Qatari capital, Doha. It will involve Opec and non-Opec members and will discuss freezing supply at January levels to help push the oil price back up.

In Australia, the benchmark S&P/ASX 200 had fallen 1.6% to 4,916 by midday, the lowest level for the index in a month.

BDST: 1233 HRS, APR 05, 2016
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