Asian stocks tread water on US, commodities concerns

Asian stocks are set for a third straight day of losses on Friday as a retreat in crude oil and other commodities prices knocked global sentiment, although receding concerns about France's presidential election kept the euro near six-month highs.

MSCI's broadest index of Asia-Pacific shares outside Japan opened flat on Friday. Japan and South Korea markets are closed for trading.

Commodity prices across the board tumbled, led by oil , which fell by 5 percent in overnight trading on concerns of a supply glut with analysts forecasting further losses.

Oil prices plunged to five-month lows on Thursday amid record trading volume in Brent crude, as OPEC and other producers appeared to rule out deeper supply cuts to reduce the world's persistent glut of crude.

Copper prices slid to four-month lows, following their biggest one-day drop in 20 months while Chinese iron ore futures tumbled 8 percent on Thursday on concerns that global commodity demand are set to fall sharply.

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