Most of the Asian stock market indices, including China's Shanghai Composite Index, were trading lower. The CSC was down 1.68% at 3,026.51 at 5.26am GMT on Monday, 18 April. This followed a decline in oil prices amid failed talks among oil producing nations in Doha on 17 April.
About 18 oil producing nations, including Opec members such as Saudi Arabia, and non-Opec countries like Russia, met in the Qatari capital to strike a deal on capping output at January levels for a six-month period to boost depressed prices.
However, the talks broke down after Saudi Arabia, the world's largest oil exporter, wanted its arch-rival Iran also to participate in the freeze. Tehran is seeking to regain its oil market share following the lifting of Western sanctions and did not send a delegation to the meeting.
Angus Nicholson, a market analyst at IG warned: "Given the strong correlation between the oil prices and equities, Asian markets are not looking like they will have a good start to the week."
Indices in the rest of Asia traded as follows on 18 April at 5.35am GMT:
|Hong Kong||Hang Seng Index||21,027.22||Down||1.36%|
Among commodities, oil prices took a beating after the failed Doha talks. Qatar's energy minister Mohammed al-Sada said: "We concluded we all need time to consult further." Russian oil minister Alexander Novak told Reuters that the Saudi demand was "unreasonable" and that he had come to Doha under the impression that all countries would agreed to a freeze.
On 18 April, WTI crude oil was trading 4.48% lower at $38.55 (£27.22, €34.16) a barrel, while Brent was down 4.06% at $41.35 a barrel at 5.47am GMT.
Meanwhile, last week on Friday (15 April), the Dow Jones Industrial Average closed at 17,897.46, down 0.16%, while the FTSE 100 closed lower by 0.34% at 6,343.75.