* Energy stocks hit 7-mth low
* Pact Group Holdings worst performer among Aussie shares
By Niyati Shetty
Nov 14 (Reuters) - Australian shares traded lower on Wednesday as resource-based stocks dropped after oil prices dived on worries of oversupply and slowing global demand.
Crude prices dropped 7 percent, extending Tuesday's fall, triggered when U.S. President Donald Trump condemned planned oil output cuts by the Organization of the Petroleum Exporting Countries. O/R
The S&P/ASX 200 index .AXJO fell 0.5 percent or 31.2 points to 5,803 by 0100 GMT. The benchmark saw significant sell-offs on Tuesday and fell 1.8 percent.
"There's a certain amount of oversupply in 2019 that's been priced in, but on the other hand you've got weaker global economic growth and that's expected to drive down demand," said Mathan Somasundaram, market portfolio strategist at Blue Ocean Equities.
"If you've assumed that with oil, you've got to translate that to other economic factors and then you start to see weaker commodity prices in metals as well."
The energy sub-index .AXEJ fell as much as 2.5 percent and plunged to a seven-month low.
Oil and gas explorers Woodside Petroleum Ltd WPL.AX , Santos Ltd STO.AX and Oil Search Ltd OSH.AX fell more than 3 percent each.
Materials and mining stocks .AXMM slipped 1.3 percent with mining giants BHP BHP.AX and Rio Tinto (LON:RIO) Ltd RIO.AX declining 1.3 percent and 1.8 percent, respectively.
Financial shares .AXFJ reversed early gains to trade lower. Australia's second largest lender Westpac Banking Corp WBC.AX fell 1 percent, while peer National Australia Bank Ltd NAB.AX declined 1.4 percent.
Plastics packaging maker Pact Group Holdings PGH.AX was the worst performer on the ASX 200, tumbling 15 percent to a record low after it cut its earnings forecast for fiscal 2019. the trend, technology stocks .AXIJ bounced back from heavy losses on Tuesday and gained as much as 0.9 percent. Tech equities were battered after i-Phone maker Apple (NASDAQ:AAPL) Inc's suppliers forecast lower earnings. .N
New Zealand stocks were flat, with the benchmark S&P/NZX 50 index .NZ50 falling about 0.1 percent to 8,851.74.
A2 Milk ATM.NZ fell 2 percent, while Meridian Energy Ltd MEL.NZ rose 1.6 percent after it reported October retail sales volumes higher than the previous month. services provider Mainfreight Ltd MFT.NZ was the best performer on the among the country's stocks after the company reported strong half year results.