THE S&P/ASX 200 Index fell 60.2 points, or 1.6 percent, yesterday to 3,809.2, the lowest since November 2, 2004.

The S&P/ASX 200 Index futures contract due in December slipped 4 percent to 3,722.

Crude oil tumbled to a 16-month low as OPEC's decision to lower production by 1.5 million barrels a day failed to ease concern that the global economic slump was curbing fuel demand. Oil for December delivery fell 5.4 percent to US$64.15 a barrel last Friday, the lowest since May 31, 2007. The contract recently traded at US$63.17.

Woodside Petroleum Ltd, Australia's second-biggest oil producer, lost 5.9 percent to A$36.90 (US$22.87), its biggest loss since October 10. Oil Search Ltd, Papua New Guinea's biggest oil producer, decreased 8.7 percent to A$3.15, its lowest since December 13, 2006.

ING Industrial Fund plunged 21.5 Australian cents, or 34 percent, to 41.5 cents, the biggest slump on record. Macquarie CountryWide Trust lost 20 percent to 33.5 cents, while Mirvac Group declined 19 cents, or 12 percent, to A$1.45.

The shares fell on speculation the companies may also need to raise capital at a discount after GPT Group sold new shares at a price 48 percent below its last traded price to repay debt amid falling property values, Bloomberg News said.

Commonwealth Bank of Australia, the nation's biggest mortgage lender, lost 82 cents, or 2 percent, to A$40.02, capping a five-day 7.4-percent slump.