(Reuters) - Australian shares fell on Tuesday, as an overnight slump in oil prices and weaker commodities squeezed energy and mining stocks.
The S&P/ASX 200 index <.AXJO> fell 0.6 percent to 6,203.6 at the close of trade. The benchmark fell 0.4 percent on Monday.
The Australian energy index <.AXEJ> closed over 2 percent lower to its lowest level in nearly a month, after oil prices tumbled over 4 percent overnight as Libyan ports reopened and traders eyed supply increases by Russia and other producers.
Oil prices attempted a slight recovery in early Asian trade, but not enough to sway investors as prices took a dip soon after, furthering losses among energy stocks.
Woodside Petroleum <WPL.AX> was the biggest drag on the energy index, while Origin Energy <ORG.AX> and Oil Search <OSH.AX> fell 2.1 percent and 2.8 percent, respectively.
Oil Search investors were doubly hit on Tuesday with both the oil price slump and a reported 18 percent decline in first half revenue hitting the stock.
Weaker commodity prices added to market woes, and hit miners, with the main mining index <.AXMM> down 1.4 percent.
Global miner Rio Tinto <RIO.AX> slipped 0.3 percent, as prices overshadowed a jump in iron ore output shipments from Australia and expectations of a stronger 2018 performance.
"The Rio result wasn't too bad, but when you see copper and lead prices down they get a wash down from those negative price moves," said James McGlew, executive director of corporate stockbroking at Argonaut.
Concerns over signs of softening in the Chinese economy - Australia's biggest export market - also dented sentiment after data showed second quarter economic growth expanded at a slower pace with June industrial output growth the weakest in over two years.
New Zealand's benchmark S&P/NZX 50 index <.NZ50> ended the session flat, at 8,978.89.
Gains in Fisher & Paykel Healthcare Corporation Ltd <FPH.NZ> were offset by a 1.7 percent and 2.1 percent drop in a2 Milk <ATM.NZ> and embattled Fletcher Building <FBU.NZ>.
(Reporting by Nikhil Kurian Nainan in Bengaluru; additional reporting by Mensholong Lepcha; Editing by Sam Holmes)
