Australian Share Market Set for Weak Start Amid Oil Price Drop

The Australian share market is expected to start the week on a weak note, according to the latest SPI futures. The ASX 200 index is forecasted to open down by 57 points or 0.65% from last Friday's closing price of 8,731.2 points.

Oil prices had dropped overnight, leading energy shares such as Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) to potentially start the week on a soft note. The WTI crude oil price was down by 1.6% to $100.30 a barrel, while Brent crude oil prices fell by 0.9% to $103.87 a barrel.

However, gold prices rose overnight, which may benefit ASX 200 gold shares such as Capricorn Metals Ltd (ASX: CMM) and Northern Star Resources Ltd (ASX: NST). The gold futures price was up by 0.55% to $4,424.9 an ounce.