The Australian market fell hard in early trade.
At one stage the ASX 200 was dow 1.7%. At the close, the index was at 4,858.70, down 34.10 points to 0.70%.
Investors were reacting to more sharp falls in the price of oil and a bad session on Wall Street where the S&P 500 closed down 2.2%.
BHP was down 2.9% to $14.630 and all the major banks had lost ground. Energy stocks were down 3.4% as a group.