Business News

Asian markets slip as oil worries hit energy firms

HONG KONG, Oct 26, (APP/AFP) – Asian markets retreated Wednesday, with energy firms dragged down by tumbling oil prices as fresh fears about a planned output cut by major producers was fanned by a report Russia will not take part. Crude has been in the ascendancy since last month when the Organization of Petroleum Exporting Countries, and later Moscow, agreed to output cuts in a bid to support prices. But they tumbled more than one percent Tuesday as the Russia-based Interfax news agency said the country’s envoy at OPEC, Vladimir Voronkov, had said output cuts are not “an option for us”.