CANBERRA: The Australian share market plunged more than 1.5 per cent and energy stocks were hammered as the steep global fall in oil prices rattled investors. The Australian benchmark S&P/ASX 200 Index followed the lead from overseas markets and lost 1.6 per cent on Tuesday, wiping about $25 billion from broader All Ordinaries market.
Energy stocks such as BHP and Santos led the way down, as the sector shed 5.5 per cent of its value. Key to the crunch is a slump in crude oil prices, which are at their lowest point since April 2009.
The price of Brent crude oil, a key measure for the commodity, lost nearly 6 per cent on Monday night to $US53.11 a barrel. This time one year ago Brent crude was fetching more than $US107 a barrel.
That has hit Australia’s biggest oil and gas producers hard. Woodside Petroleum shed 4.9 per cent to $36.46, while Oil Search and Santos each dropped 8.6 per cent to $7.31 and $7.55 respectively.Mining giant BHP Billiton, which is the biggest oil producer in the country, fell 4.7 per cent to $28.11.
