ASX tipped to fall amid oil price woes

Trade on the Australian share market is likely to be marred by more losses in oil prices, as demand plunges due to the coronavirus pandemic.

The SPI 200 futures contract was down 109 points, or 2.1 per cent, at 5,090.0 at 0800 AEST on Wednesday following heavy losses overnight on Wall Street.

The S&P 500 lost 3.1 per cent for its worst drop since April 1.

Losses were widespread, with 94 per cent of stocks in the index down.

This followed similar declines across Europe and Asia.

The cost for a barrel of US oil to be delivered in June plunged 43 per cent overnight to US$11.57 dollars.

A day earlier, oil futures fell below zero for the first time.

Fewer people are driving and flying due to travel restrictions in many countries designed to slow the spread of the virus.

The S&P/ASX200 benchmark index finished Tuesday trade down 131.7 points, or 2.46 per cent, to 5,221.3 points.

The All Ordinaries index ended the day lower by 134.5 points, or 2.45 per cent, to 5,353.0 points.

Australian Bureau of Statistics data indicated the number of Australians with a job had fallen by 6.0 per cent since the coronavirus crisis began.

The Australian dollar was buying 62.86 US cents at 0800 AEST, down from 63.22 US cents at Tuesday’s close.


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