OPEC heads for rollover, bigger oil cut unlikely - delegates

While OPEC members have curtailed production, USA crude output has risen to the highest level since August 2015 as shale drillers added rigs every week. Brent crude, the standard for global oils, rose 62 cents to $48.68 a barrel in London.

Among the region's main indexes Hong Kong fell 0.8 percent, Shanghai shed 0.7 percent and Sydney slipped 0.5 percent while Singapore retreated 0.2 percent.

That said, the oil market is a odd thing. Australia's S&P/ASX 200 fell 0.7 percent to 5,835.20. He said traders saw $45 as an important level because the Saudi oil minister said earlier this week that prices would be kept in the $45-55 range. "If there is one, we will let you know", the spokesman said. Markets in Japan and South Korea were closed for holidays.

Among the biggest decliners on the TSX were Hudbay Minerals (TSX:HBM) and other mining companies as well as Canadian Natural Resources (TSX:CNQ) and other major players in Alberta's oilpatch.

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In Sydney, Woodside Petroleum lost 2.7 per cent, Santos sank three per cent and miner Rio Tinto lost two per cent, with tumbling metals prices also acting as a drag.

JOB REPORT: Investors' attention now turns to U.S.jobs data due after Asian markets close, when the Labor Department releases nonfarm payrolls for April.

The S&P/TSX composite index was down 126.15 points to 15,416.99, after 90 minutes of trading.

Renewed weakness in China, an expected hike in United States interest rates - which could make dollar-denominated oil more expensive to holders of other currencies - and signs of slowing demand have also contributed to the dive. The euro edged down to $1.0965 from $1.0984.

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