Asian Market Update : Epic Research Malaysia

Asian share markets slipped early Wednesday as a relentless slide in oil prices wiped out an attempted rally on Wall Street and dealt a fresh blow to risk appetite.

US crude wallowed at its lowest since 2003 after the world's energy watchdog warned the market could "drown in oversupply". US crude futures shed another 49 US cents to a new trough at US$27.97 in early trade, while Brent crude was quoted at US$28.76 a barrel.

Equity markets reacted by reversing some of Tuesday's rare gains, and MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.3 per cent.

Japan's Nikkei fell 0.7 per cent, while Australian stocks lost 0.4 per cent.

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