DHAKA: Asian markets suffered a lower start after a meeting of oil producers ended without a deal on output cuts.

Japan's benchmark Nikkei 225 index had fallen by 3% at the lunch break to 16,344.09, while in South Korea the Kospi was down by 0.4% to 2,006.23.

In Australia the commodities-heavy benchmark S&P ASX 200 index traded down 10 points at midday to 5,147.40.

Shares of energy-related firms all traded lower. BHP Billiton lost 3%, reports the BBC.

Woodside Petroleum shares lost 2% and shares of Rio Tinto gave up 1.5%.

Oil prices fell after a meeting of the world's leading oil exporters in Qatar failed to secure an agreement.

The international oil benchmark Brent traded down by more than 5% to about $40.87 a barrel. US crude futures were lower by 5.5% at $38.16 a barrel.

Saudi Arabia, the world's largest oil exporter, appeared willing to only freeze output if all Opec members agreed, including Iran.

But Iran maintained it would continue the increase in oil production it has followed since economic sanctions were lifted earlier this year. Iran was not at the meeting in Qatar. The next Opec meeting is scheduled to take place in June.

‘Given the strong correlation between the oil price and equities, Asian markets are not looking like they will have a good start to the week,’ said Angus Nicholson, market analyst at IG in Melbourne.

Elsewhere in the region, the benchmark Hang Seng index in Hong Kong was was lower by 1.1% to 21,088.79.

Meanwhile in China the Shanghai composite traded down 1.3% to 3,038.55.

BDST: 1230 HRS, APR 18, 2016
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