Jan 10 (Reuters) - Australian shares are likely to open lower on Tuesday, snapping five days of gains, with oil and gas producers likely to come under pressure following a 4 percent drop in oil prices.
Oil prices fell on Monday on fears that record Iraqi crude exports and growing U.S. output could undermine OPEC's efforts to reduce supply. local share price index futures YAPcm1 fell 0.4 percent, a 53.4 point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark ended 0.9 percent higher on Monday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 was flat in early trade.
For a summary of overnight action across global markets, double click on AU/CALL
For a digest of the day's business stories in Australian newspapers, double click on PRESS/AUB