Energy stocks fell as crude oil prices tumbled 4% overnight after crude inventories rose amid concerns of dimming outlook for global oil. Oil & gas explorer Woodside Petroleum fell as much as 2.2%, while Oil Search and Beach Energy lost 2.4% and 5.2%, respectively.
Mining stocks declined, as base metal and iron ore prices retreated. Mining giants BHP Group fell 0.5% and Rio Tinto lost 0.6%, while South32 declined 0.9%.
CURRENCY NEWS: The Australian dollar was lower against the U.S. dollar on Wednesday. The Australian dollar traded at $0.6906 after slipping from the $0.696 handle yesterday.
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