Oil falls to fresh 11-year low as Dubai, Asian stocks plunge

Asian stocks plunged once again on Thursday morning, following the second automatic suspension of Chinese stock trading in four days.

Oil fell to fresh 11-year low as Brent crude fell below $33.

A circuit breaking mechanism introduced last month in Chinese exchanges by regulators was automatically triggered after just half an hour of trading this morning, after the Shanghai Composite fell 7.32 per cent, despite attempts by Chinese authorities to stabilise prices.

The impact of the suspension was felt around Asia and the Middle East. Hong Kong’s Hang Seng was down around 2.7 per cent, while the Nikkei traded 2.6 per cent lower.

Shares in Dubai fell nearly three per cent in the opening minutes of trading, while Abu Dhabi’s headline index retreated around 1.3 per cent.

Oil prices were also impacted, falling to a fresh 11 year low on fears of slowing Chinese demand and global oversupply.


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