Asian equity markets were mixed today (November 28th) as oil prices extended their slide.
Brent crude has tumbled three per cent to below $75/barrel (£48) yesterday, the lowest level since September 2010, as the Organization of Petroleum Exporting Countries (Opec) agreed to leave output unchanged.
This comes amid a global surplus due to ongoing US production and Opec supplies ahead of targets, along with a slowdown in demand in China and Europe.
"While a weaker oil price is in theory positive for the global economy as it encourages a wealth transfer from producers to consumers, it seems in the short term it presents significant challenges for some key central banks. The reality is major central banks have been trying to push inflation higher and oil prices will make this difficult to achieve," Stan Shamu, market strategist at IG, told CNBC.
Hong Kong's benchmark Hang Seng index closed down 16.83 points at 23,987.45. In China, the Shanghai Composite ended up two per cent up at 2,682.83, rising nearly 11 per cent in November.
In Australia, the benchmark S&P/ASX 200 index closed down 1.6 per cent at 5,313, while in South Korea, the Kospi index closed down 0.1 per cent at 1,980.78.
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