Recovery fears hit shares

Regional stock markets were down Monday and oil prices dropped to their lowest levels in five weeks as investors continued to lose faith in prospects for an early economic -recovery.

US crude dipped as low as US$63.75 Monday, roughly 4 per cent below its level on Thursday, when markets closed for the US Independence Day holiday.

“This could be a correction from overheated expectations of an economic recovery,” JBC Energy of -Vienna said in a research note.