Oil prices has plunged after the collapse of talks among the world's top oil producers in Doha.

Oil tumbled in early Asian trade after the collapse of Sunday's talks, with prices dropping as much as seven percent in opening deals. At around 0245 GMT, US benchmark West Texas Intermediate for May delivery was down nearly 5 percent, or 2 US dollars, from Friday's close at 38.4 US dollar a barrel.

Energy firms were the biggest losers Monday, with Sydney-listed mining giant BHP Billiton down 3 percent, Rio Tinto off 1.5 percent and Woodside Petroleum two percent off. In Hong Kong China's CNOOC lost more than five percent and PetroChina was off 3.5 percent. Inpex in Tokyo was 5.1 percent off and JX Holdings 2.5 percent down.