ASX Set to Rise as Oil Price Steadies

Australian shares appear set for gains at the start of the trading week due to a gradual increase in world oil prices.

The SPI 200 futures contract was up 82 points, or 1.57 percent, at 5,298 points at 0700 AEST on April 27.

CommSec chief economist Craig James on Sunday tipped a rise for the ASX and said the resource sector would benefit from the steady recovery of oil.

Oil producers have cut production due to a collapse in travel and demand from the COVID-19 pandemic.

James also said a 1.1 percent lift on the US’ Dow Jones on Friday would help Aussie stocks on Monday.

The Australian dollar was buying 63.84 US cents at 0700 AEST, up from 63.56 US cents at Friday’s close.

By Steven Deare