RE:oil freeze deal faces trouble TOKYO, April 18 (Reuters) - Asian shares dropped on Monday, dragged down by tumbling crude oil futures after producers' weekend talks failed to address the global supply glut.
Some 18 oil exporting nations had gathered in the Qatari capital of Doha to try to agree to stabilise output at January levels until October 2016. The pact fell apart after Saudi Arabia demanded that Iran join in.
Brent crude futures tumbled about 5.2 percent to $40.86 while U.S. crude slid about 5.5 percent to $38.15.
"Given the strong correlation between the oil price and equities, Asian markets are not looking like they will have a good start to the week," said wrote Angus Nicholson, market analyst at IG in Melbourne.
"Commodities are likely to drive the pullback in equities today, with materials and energy stocks in for a difficult session," Nicholson said. "We will quite likely see credit spreads widen again today, as the oil price has been a major driver for high yield credit."
Dodo, or Doha,
Going to be an Interesting open come Monday on the TSX
GLTA