The Australian share market has opened lower as the oil sector continues to cop a beating from falling oil prices.
Quay Equities head of trading Tristan K’Nell said energy stocks were getting absolutely hammered.
Overnight, US oil prices tumbled to a fresh five-and-a-half-year low of $US47.93 a barrel.
“There’s two issues with oil: one, an oversupply issue; and two, it’s probably showing the actual state of the world economy,” Mr K’Nell said.
Oil and gas giant Woodside Petroleum had slumped 86 cents, or 2.36 per cent, to $35.60 by 1026 AEDT, while Santos shed 18 cents, or 2.38 per cent, to $7.37, and Oil Search dropped 14 cents, or 0.5 per cent, to $7.17.
Global miner BHP Billiton dipped nine cents to $28.02, Rio Tinto weakened 37 cents to $57.22, and Fortescue Metals eased two cents to $2.77.
Among the banks, Commonwealth Bank was down 55 cents at $84.75, NAB surrendered 34.5 cents to $32.995, Westpac backtracked 38 cents to $32.49, and ANZ gave away 27 cents to $31.51.
On Wall Street overnight, the Dow Jones Industrial Average dropped about three quarters of a per cent as oil prices plummeted.
European stock markets also closed lower on the back of tumbling oil prices and fears of a Greek exit from the eurozone.
KEY FACTS
* At 1033 AEDT on Wednesday, the benchmark S&P/ASX200 index was down 39.5 points, or 0.74 per cent, at 5,325.3 points.
* The broader All Ordinaries index was down 38.7 points, or 0.72 per cent, at 5,307.5 points.
* The March share price index futures contract was 36 points lower at 5,276 points, with 10,558 contracts traded.
* National turnover was 222.6 million securities worth $493.07 million.
