The commodity sold off after the meeting between the world's largest oil producing countries in Doha failed to produce a deal to freeze output and boost sagging crude prices.
MSCI AC ASIA EX JAPAN that captures large and mid cap representation across 2 of 3 Developed Markets countries (excluding Japan) and 8 Emerging Markets countries in Asia dropped 0.79% in this afternoon.
Japanese stocks tumbled on Monday morning after a stronger yen hurt the outlook for corporate profits, while risk appetites were hurt by earthquakes battering the southern island of Kyushu.
The safe-haven yen soared after global oil producers failed to agree on an output freeze, sending oil prices into a fresh tailspin. The yen neared an 18-month high against the U.S. dollar, trimming the profit outlook for exporters and a broad swath of other Japanese shares.
The Nikkei share average slid 3.40 percent at 16,275.95.
China stocks tracked regional markets lower on Monday, as a tumble in crude oil prices hit investor confidence.
Concerns that the market's seven-week rebound may not be sustainable, as China's economic recovery remains fragile, also dampened sentiment.
The blue-chip CSI300 index fell 1.3 percent, to 3,228.45, while the Shanghai Composite Index lost 1.4 percent, to 3,033.66 points.
"Fundamentals can improve in the near term before peaking. But the rally is now stretched, and risks are escalating," wrote Hong Hao, chief strategist at BOCOM International.
Reference: Reuters, Citywire, MSCI
Thai
Eng