Chinese markets posted steep losses as traders were concerned about oil prices, even though the People’s Bank of China bolstered liquidity into the mainland market. Markets in Asia and the United States inched lower as well.
Brent crude prices declined below $30 per barrel as traders continue to worry about oversupply, which were aggravated by news Iraq’s oil output hit a record high in December.
The Shanghai Composite Index closed at 2,749.79, down 6.42%, while Hong Kong’s Hang Seng Index ended at 18,860.8, down 2.48%. Japan’s Nikkei 225 settled at 16,708.90, down 2.4%.
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