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Home / International Markets / Australian stocks open 0.6% lower, S&P sheds 31.4pts, All Ordinaries drops 0.58pc
Australian stocks open 0.6% lower, S&P sheds 31.4pts, All Ordinaries drops 0.58pc

Australian stocks open 0.6% lower, S&P sheds 31.4pts, All Ordinaries drops 0.58pc

CANBERRA: The Australian stocks opened 0.6 per cent lower as drop in oil prices overnight sent energy and resources stocks down.
At the 10.15am (AEDT) official market open, the benchmark S&P/ASX200 index retreated 31.4 points, or 0.58 per cent, to 5,341.3 points, while the broader All Ordinaries index fell 31.1 points, or 0.58 per cent, to 5,317.8 points.
Overnight, oil prices fell to fresh lows as the US dollar sent prices lower, triggering fresh concerns about oversupply. Light, sweet oil for January delivery fell $US2.79, or 4.2 per cent, to $US63.05 a barrel, while Brent, the global benchmark, fell $US2.88, or 4.2 per cent, to $US66.19 a barrel.
Energy stocks shed 3.63 per cent as a sector.
Santos was one of the biggest losers in early trade, giving up 6.87 per cent to $7.73, while Woodside Petroleum gave up 2.88 per cent to $34.37.
Beach Energy lowered 4.26 per cent to 90c, while Oil Search fell 3.57 per cent to $7.57.