Oil heads to 6-year low, China data pares stock losses

Energy stocks took a hit in Asian trade Tuesday as oil prices fell towards six-year lows, with warnings of further volatility ahead, but some rare upbeat Chinese trade data boosted Hong Kong and Shanghai.
Crude was dealt another blow Tuesday when key OPEC member the United Arab Emirates said the cartel could not stop world prices plunging and called for a cut in US shale oil output.
Tokyo fell 0.64 percent, or 110.02 points, to finish at 17,087.71, although it pared initial losses as the yen weakened in afternoon trade.
Sydney fell 0.33 percent, or 18.01 points, to 5,404.7 and Seoul closed 0.20 percent lower, giving back 3.81 points to 1,917.14.
However, Hong Kong added 0.79 percent, or 189.51 points, to 24,215.97 and Shanghai rose 0.19 percent, or 5.98 points, to 3,235.30.
Crude sank again Monday after Wall Street investment titan Goldman Sachs slashed its price outlook for the commodity, adding to anxiety about a global oversupply, weak demand and soft growth in the key Chinese and European markets.
The warning sent US shares tumbling, with the Dow down 0.54 percent, the S&P 500 off 0.81 percent and the Nasdaq tumbling 0.84 percent.
"There is no escaping crude's effect on global markets," Evan Lucas, a markets strategist in Melbourne at IG Ltd., said, according to Bloomberg News. "This will see first-half volatility ramping up throughout the globe."