Asian stocks edge down in early trade after Wall Street falls; oil rise

Asian shares edge down in early trade on Tuesday with investors taking their cue from a volatile Wall Street session overnight, while oil prices climbed following last week’s rout.

Oil continued to rise with investors still weighing worries over an economic slowdown against concern over lost Russian supply amid sanctions related to the conflict in Ukraine.

“A seam of tight supply news bolstered the (oil) market,” analysts at Commonwealth Bank of Australia said in a research note. “Political unrest might curtail supply from a couple of second-tier producers, Ecuador and Libya. And then there’s the G7’s proposed price cap on Russian oil.”