Summary US benchmark West Texas Intermediate shed 73 cents to $45.34, its weakest since March 2009.
HONG KONG (AFP) - Energy stocks took a hit in Asian trade Tuesday as oil prices fell towards six-year lows with warnings of further volatility ahead but some rare upbeat Chinese trade data helped Hong Kong and Shanghai into positive territory.
Tokyo dived 1.74 percent by the break as it played catch-up with global markets after a three-day weekend, while Sydney fell 0.65 percent and Seoul lost 0.34 percent.
However, Hong Kong added 0.52 percent and Shanghai gained 0.26 percent.
Crude sank again Monday after Wall Street investment titan Goldman Sachs slashed its price outlook for the commodity, adding to anxiety about a global oversupply, weak demand and soft growth in the key Chinese and European markets.
The warning sent US shares tumbling, with the Dow down 0.54 percent, the S&P 500 off 0.81 percent and the Nasdaq tumbling 0.84 percent.
"There is no escaping crude s effect on global markets," Evan Lucas, a markets strategist in Melbourne at IG Ltd., said, according to Bloomberg News. "This will see first-half volatility ramping up throughout the globe."
In early Asian exchanges oil prices continued their descent after Monday s pummelling.
Brent crude for February delivery fell 75 cents to $46.68 a barrel -- its lowest level April 2009. On Monday it plunged more than five percent to end below $50.
US benchmark West Texas Intermediate shed 73 cents to $45.34 -- its weakest since March 2009 -- a day after losing 4.7 percent.
The weakness filtered through to Asian energy companies. In Sydney BHP Billiton lost 1.86 percent and Woodside Petroleum fell 1.65 percent, while CNOOC in Hong Kong was 1.13 percent lower. Tokyo-listed Inpex shed 3.68 percent and Showa Shell gave up 3.43 percent.
Shanghai and Hong Kong reversed initial losses following the release of Chinese trade figures.
The General Administration of Customs said exports rose 9.9 percent year-on-year in December, while imports fell 2.3 percent. That resulted in an almost doubling of the country s trade surplus during the month.
On currency markets the yen edged up against the euro and dollar as increased uncertainty leads traders to look for safer investments.
The euro bought $1.1838, compared with $1.1834 in New York, while it was also at 139.69 yen against 139.98 yen.
The dollar fetched 117.92 yen, compared with 118.27 yen in US trade.
Gold was $1,236.23 an ounce, compared with $1,222.03 on Friday.
