Australian stocks lose $25 billion in value today due to fall in oil prices

Following overseas bourses lower on a fall in oil prices, the Australian market has lost around $25 billion in value today.

The price of West Texas crude oil declined to near-six-year lows below $US50 a barrel, before settling just above that mark. Singapore's Tapis crude also fell to $US54.65 a barrel, as ABC reports.

Elsewhere, markets slid overnight due to the oil price falls, combined with the Greek crisis shaking the eurozone.

The Eurostoxx index slumped more than 3.5 per cent, London's FTSE dropped 2 per cent and Wall Street's benchmark indices just a little less than that.

Australia's market responded, with the ASX 200 losing 86 points to close at 5,365, while the broader All Ordinaries also lost more than 1.5 per cent to 5,346.

No wonder, energy stocks led the fall. Both Santos and Oil Search were hammered, slumping 8.6 per cent, and Woodside lost nearly 5 per cent to $36.46.

BHP Billiton, the world's biggest miner which also has extensive oil and gas assets, fell 4.66 per cent to $28.11.

In general, other commodity firms did not suffer much lost, but Rio Tinto was down 1.5 per cent, Fortescue was down 1 per cent and copper miner Oz Minerals just over 2 per cent at 5:38pm (AEDT).

The major banks were also all in the red, led by a 1.2 per cent slide by ANZ.

Gold miners gained as volatility drove the precious metal to $US1,207 an ounce. Newcrest rose 2.5 per cent to $11.73.

Qantas and Virgin also benefited from falling jet fuel prices, rising 4.4 and 1.2 per cent respectively.

However, retailers offered no resistance to the falls, with market heavyweight Woolworths down 1.5 per cent and back below $30.