ASX opens 2% lower as oil prices plunge

Early trade has cast a bleak picture for the ASX on Wednesday, followed by a continued slump in oil prices overnight.

The S&P/ASX200 benchmark index was down 108.8 points, or 2.08 per cent, to 5112.5 points after the first 15 minutes of trade on Wednesday.

The All Ordinaries index was 110.0 points lower, or 2.08 per cent, to 5,168.6 points.

All industry sectors were lower. 

Energy stocks were the most affected – down a collective 3.76 per cent.

That result follows continued losses for oil traders around the world overnight.

The cost for a barrel of US oil to be delivered in June plunged 43 per cent overnight to $US11.57 dollars.

A day earlier, oil futures fell below zero for the first time.

Fewer people are driving and flying due to travel restrictions in many countries designed to slow the spread of the virus.

The Australian dollar was buying 62.94 US cents at 1015 AEST, down from 63.22 US cents at Tuesday’s close.

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