Brent crude falls below $60

The slide in oil prices has continued for a fifth straight day, with Brent crude futures falling to below $60 a barrel. At one point the international benchmark dipped to $58.50 - half the level it reached in mid-June.

US crude also fell more than $2 a barrel as producers indicated they did not intend to restrict supply. It later rallied and ended up two cents at $55.93 a barrel. Further indications that Saudi Arabia would resist calls for an emergency Opec meeting added to the downward pressure on prices.

In forex trading, emergency action taken by Russia's central bank failed to stop the ruble's freefall, which slid more than seven per cent on Tuesday despite a rise in interest rates to 17 per cent.

Asian stock markets steadied amid the Russian crisis, with the Nikkei closing up 64.41 points at 16,819.73. The yen, traditionally seen as a safe haven by investors, rose to 116.79 against the dollar.

Hong Kong's Hang Seng index fell 64.37 points at 22,606.13, while the Shanghai Composite rose 17.58 points to 3,039.10.