SYDNEY, AAP – Falls in commodity shares have dragged the ASX lower as oil prices continue to ease from a recent spike.

The market closed lower by 0.73 per cent on Tuesday after the big miners lost three and four per cent.

The Brent crude oil price dropped four per cent to $US101.86 per tonne after spiking to more than $US130 per tonne in the wake of Russia’s invasion of Ukraine.

The benchmark S&P/ASX200 index closed down 52 points, or 0.73 per cent, to 7097.4 points.

The index is down about 500 points from its record high in August last year.

The All Ordinaries index closed lower by 66.1 points, or 0.89 per cent, to 7356.1 points.

The Australian dollar was buying 71.82 US cents at 1620 AEDT, lower than 72.55 US cents at Monday’s close.