The ASX tanked

Ben Birchall/PA Images via Getty Images

Australian shares took a beating.

The ASX200 index opened on a slide and kept going, dropping below the key 5700 level.

At the close, the index was at 5,665.70, down 91.55 points or 1.59%.

The local market followed Wall Street where the S&P500 fell 0.7% overnight on concerns that the global oil supply glut will continue.

The NAB was down 2.9% to $29.06, ANZ 1.79% to $27.50, Westpac 1.78% to $29.77 and the Commonwealth 1.75% to $80.80.

Falls in base metals and oil sent the miners down. BHP dropped 3.75% to close at $22.10, Woodside Petroleum 2.1% to $29.29 and Rio Tinto 2.8% to $58.00.

“Weak commodity and oil prices are not helping the Australian market today with mining and oil stocks under pressure<" says Rick Spooner at CMC Markets. "Investors in gas producing companies this morning find themselves in the same position as bank shareholders recently, with yesterday’ decision to introduce a mechanism to limit exports increasing political risk to investors in this sector." QBE insurance was down more than 10% to $11.87 after saying higher-than-expected claims will have an impact on its first half profits. [image url="" align="center" size="primary" licence="Supplied" nocrop="true"]

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