Australian Share Market Pulls Back on Rising Oil Prices
Australia's share market is experiencing a pullback after a three-session winning streak as concerns about inflation and oil prices rise. The benchmark S&P/ASX200 fell 32.6 points by midday on Thursday to be down 0.35 per cent to 9,006.7.
This decline follows a negative Wall Street session, where the US Federal Reserve surprised some analysts by keeping interest rates steady. Ongoing supply disruptions and heightened probabilities of energy infrastructure being strangled have pushed crude prices up roughly nine per cent on Wednesday morning.
The Brent benchmark is now trading near $US87.50 a barrel, boosting local energy stocks. Refinery operator Ampol led the segment with a 1.7 per cent boost after it foreshadowed a 150 per cent lift in first-half underlying earnings to roughly $1.6 billion.
The Australian dollar is buying 69.59 US cents, up from 69.53 US cents on Wednesday at 5pm.