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Asian markets dragged down by falling oil prices Asian markets subdued by falling oil prices
(about 1 hour later)
Asian shares were mostly lower, following the global trend as markets were dragged down by oil prices. Asian shares traded mixed, following a lacklustre lead from global markets dragged down by oil prices.
The price of US crude oil dropped more than 3% overnight, while Brent crude was back near 11-year lows on reports that Iran plans to increase exports once sanctions are removed, which would add to the global supply glut.The price of US crude oil dropped more than 3% overnight, while Brent crude was back near 11-year lows on reports that Iran plans to increase exports once sanctions are removed, which would add to the global supply glut.
Lower energy shares across Asia weighed on benchmark indexes.Lower energy shares across Asia weighed on benchmark indexes.
Japan's Nikkei 225 index was down 0.3% to 18,825.27 in early trade. Japan's Nikkei 225 index was down 0.1% to 18,850.17 in morning trade.
"Oil prices look likely to continue in their depressed state if Iran is able to ramp up its exports at such a rapid rate," said market analyst Angus Nicholson at trading firm IG in a note on Tuesday."Oil prices look likely to continue in their depressed state if Iran is able to ramp up its exports at such a rapid rate," said market analyst Angus Nicholson at trading firm IG in a note on Tuesday.
Iran intends to increase exports by 500,000 barrels per day once the economic sanctions are removed, according to reports.Iran intends to increase exports by 500,000 barrels per day once the economic sanctions are removed, according to reports.
Toshiba's woes continue Toshiba's restructuring
Meanwhile, shares of Toshiba fell by 0.6% on a local report that the struggling electronics giant planned to ask for an additional $2.5bn (£1.7bn) in credit to fund its large-scale restructuring. Meanwhile, shares of Toshiba rose by 0.6% on a local report that the struggling electronics giant planned to ask for an additional $2.5bn (£1.7bn) in credit to fund its large-scale restructuring.
The company is reeling from a $1.3bn accounting scandal earlier this year.The company is reeling from a $1.3bn accounting scandal earlier this year.
In Australia, the benchmark S&P/ASX 200 was up 0.5% to 5,232.80 after reopening from public holiday on Monday. Chinese shares headed higher in early trade with the Shanghai Composite up 0.4% to 3,546.38, while Hong Kong's Hang Seng index was higher by 0.1% to 21,945.33.
Bucking the trend were shares of Woodside Petroleum, up 0.6% despite the drop in oil prices. In Australia, the benchmark S&P/ASX 200 was up 0.6% to 5,238.80 after reopening from public holiday on Monday.
South Korea's Kospi index was down 0.5% to 1,953.35, following the previous session's losses. Bucking the trend were shares of Woodside Petroleum, up 0.1% despite the drop in oil prices.
South Korea's Kospi index was down 0.7% to 1,949.56, following the previous session's losses.