Asian shares extend losses as oil prices push higher
ABC News
Asian shares have declined after Wall Street logged its biggest drop in more than a year as markets were jolted by another surge in oil prices
TOKYO -- Shares fell in Asia on Tuesday after Wall Street logged its biggest drop in more than a year as markets were jolted by another surge in oil prices.
Benchmarks declined in Tokyo, Sydney, Hong Kong, Seoul and Shanghai following a 3% tumble for the S&P 500.
The surge in the price of oil past $130 per barrel on Monday was triggered by the possibility the U.S. might bar crude imports from Russia. Oil prices steadied later in the day and were moderately higher early Tuesday.
A third round of peace talks between Ukraine and Russia failed to produce major results. A top Ukrainian official said there was minor, unspecified progress toward establishing safe corridors to allow civilians to escape the fighting.
