Australian Sharemarket Slides as Oil Prices Fall Further

The Australian sharemarket has opened lower after a mixed session on Wall Street, while oil prices continued to decline. The S&P/ASX 200 fell by 22.8 points or 0.3 per cent to 8871.2 in early trade.

On Wall Street, the Dow Jones rose 155 points or 0.3 per cent after a mixed session overnight, while the Nasdaq composite dropped 0.4 per cent. The S&P 500 fell by 0.2 per cent.

Oil prices have reversed course from last week's sharp escalation in fighting between the US and Iran, which worsened worries about global oil supplies. Brent crude, the international standard, dropped 8.7 per cent to close at $US88.36 a barrel for September delivery after surging over $US100 a barrel last week.

President Donald Trump called on the Federal Reserve to lower interest rates, saying the US should have the lowest interest rate in the world. The Fed will announce its interest rate decision on Thursday.