Australian shares have closed lower on Tuesday, weighed down by tech, banks and telecommunications.
The ASX 200 closed lower on Tuesday, dropping 75.40 points or 1.03 per cent to 7,211 and crossing below its 125-day moving average.
Meanwhile, the broader All Ordinaries fell 67.40 points or 0.9 per cent to 7,455.
Nine of the 11 sectors on the main index closed lower. The worst-performing sectors were tech (-1.9 per cent), financials (-1.6 per cent) and telecommunications (-1.1 per cent).
The top stocks were Beach Energy, Whitehaven, Fisher & Paykel, Paladin Energy and Aub Group.
On the flip side, Tryo Payments, Suncorp, Zip Co, EML Payments and Megaport were the biggest drags on the ASX 200.
The Australian dollar was down 0.1 per cent to 71.88 US cents at 4:45pm AEST.
Oil prices soar
Oil prices jumped after European Union leaders reached an agreement late on Monday to ban 90 per cent of Russian crude by the end of the year.
On oil markets, Brent crude was up 3.5 per cent and worth $US119.19 per barrel, while West Texas crude was up 1.9 per cent to $US123.93 per barrel.
Spot gold was was down 0.2 per cent overnight and selling for $US1,847.40.
The iron ore futures price rose by 19 cents or 0.1 per cent to $US133.60 a tonne on Monday, as China eased COVID-19 restrictions.
Global markets
Asian shares clawed back earlier losses on Tuesday as signs that China's economic pain might be abating amid easing COVID-19 curbs overshadowed broader investor concerns about a global inflation shock.
Also lifting sentiment in the region were details of Beijing's new policy support, which includes cash handouts for hiring graduates and support for internet companies' offshore listings.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.7 per cent, reversing losses from earlier in the session and led by gains in China and Hong Kong.
Outside of China, however, things were mixed amid persistent worries about global inflation.
Japan's Nikkei was flat. S&P 500 futures rose 0.2 per cent, FTSE futures were unchanged and Euro STOXX 50 futures fell 0.2 per cent.
"This broadening of inflationary pressures that is really about food and energy is not just a European story, it is going to be a global story," said Rodrigo Catril, senior currency analyst at NAB.
US markets did not trade because of Memorial Day.
