Oil price falls weigh down Aussie market

The Australian market had a slow start on Monday, with the fall in oil prices weighing the index down to hover at the 5,500 mark.

By 1038 local time (AEDT), the benchmark S&P/ASX 200 index fell 16.60 points or 0.30 percent to 5,491 points. The broader All Ordinaries index was down 11.1 points or 0.20 percent to 5,559 points.

"The big fall in oil prices was probably one of the key factors dragging the market into the red Monday, with the energy sector being the worst performer in trading so far this morning," CMC Markets chief market strategist Michael McCarthy told Xinhua.

"It's clear that a little bit of the enthusiasm for resources that drove the markets last week is absent from the market today."

U.S. crude prices have dropped almost 4 percent, with brent crude futures at 47.24 US dollars a barrel, down 1.76 US dollars or 3.59 percent.

Melbourne-based mining giant BHP Billiton was down 2.42 percent in morning trade, while rival Rio Tinto was down 0.68 percent. Gold miner Newcrest bucked the trend by edging up 0.10 percent.

Santos led the fall in the oil and gas sector with a 2.51 percent dip. Oil Search was down 1.80 percent and Woodside Petroleum slipped 1.99 percent.

Banks were also weighed down in morning trade, with ANZ lower by 0.99 percent and Commonwealth Bank of Australia sliding 0.26 percent. The National Australia Bank was down by 0.72 percent while Westpac was 0.51 percent lower.

Qantas was edged 0.47 percent lower while telecom giant Telstra was up 0.60 percent. Enditem