Asian stocks down, oil prices up on Mideast woes

HONG KONG: Asian investors resumed their share sell-off on Monday as fears over unrest in the Arab world sent oil prices back up, while China's decision to lower its growth target also weighed on sentiment.

Tokyo slipped 0.62 percent by the break, Hong Kong fell 0.22 percent in early trade and Sydney edged 0.25 percent down while Seoul dropped 1.12 percent. Shanghai was 0.23 percent off. Taipei was closed for a public holiday.

Markets on Friday took a breather to mostly post gains after a tough week that saw heavy selling as oil prices soared on the back of violence in the Arab world, which stoked supply concerns. However, the losses resumed on Monday as crude rose again -- despite the OPEC oil cartel and Saudi Arabia saying they would be able to meet any shortfall -- as the Arab world continued to be rocked by protests.

Libya's Moamer Kadhafi was under further pressure as he lost control of several towns while world leaders condemned his heavy-handed crackdown that has seen hundreds killed and the United Nations impose travel bans on his regime.

In Tunisia, prime minister Mohammed Ghannouchi resigned as security forces clashed with demonstrators in Tunis while Yemen's leader faced calls to end his three-decade rule and the sultanate of Oman was also hit by violence.

In early Asian oil trade New York's main contract, light sweet crude for April delivery, rose $1.66 to $99.54 per barrel. Brent North Sea crude for delivery in April gained $1.28 to $113.42. The contract almost hit $120 at one point last week.(AFP)