Asian shares edge lower as crude oil spirals down

Asian shares opened lower on Tuesday.

According to a story by Reuters, Asian shares edged lower as a downturn in crude oil curbed the enthusiasm from fresh record highs on Wall Street.

MSCI’s broadest index of Asia-Pacific shares outside Japan inched down 0.1%, though it was still within sight of a nine-month high touched last week.

Japan’s Nikkei stock index gained 0.6% and was trading at 16,576.17 up 0.47% at 8:21 am IST.

The Hang Seng index was trading at 21,678.7 down 0.57% 8:16 am IST.

While SGX Nifty was up 0.22% at 8,538.50 points in early trade on Tuesday.

Pressure remained on crude oil prices after they settled down more than 1 percent on Monday after rising stockpiles of crude and refined fuel intensified fears of another major supply glut, Reuters story reported.

Brent crude was trading at $46.95 a barrel while US crude was down 0.1% at $45.20 per barrel.