Markets fall, oil in bear market

Markets were mostly lower on Tuesday.

The S&P 500 fell 0.7 percent and the STOXX Europe 600 fell 0.7 percent.

Earlier in Asia, the Nikkei 225 rose 0.8 percent but the Shanghai Composite fell 0.1 percent.

Oil fell on Tuesday. West Texas Intermediate crude fell 2.2 percent and is now in bear-market territory. Brent fell 1.9 percent.

“The assumption that extended OPEC supply cuts would underpin the oil price is unraveling by the day,” wrote London Capital Group senior analyst Jasper Lawler.

Also on Tuesday, MSCI announced that China’s domestic equities will join its benchmark indices.