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Asia300

Oil slump drags Singapore, Malaysia shares lower

SINGAPORE (Nikkei Markets) - Shares in Singapore fell to a seven-week low and Malaysian equities ended lower for a third day straight as a drop in global oil prices upended global risk appetite.

The S&P 500 Index suffered its biggest decline in over a month on Tuesday, led by a fall in energy stocks after benchmark U.S. crude prices slid 2.2% overnight to slip into bear territory, defined as a 20% drop from a recent peak. Weakening oil prices drove regional energy producers lower, taking the Nikkei Asia300 Index down 0.5% on Wednesday.

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