Australian shares set for third day of gains as weaker oil boosts risk appetite

Australian shares were poised for a third consecutive advance on Tuesday, according to Business Recorder, as cheaper oil and a record close on Wall Street lifted investor appetite for riskier assets. The S&P/ASX 200 was up 0.5 per cent at 8,729.00 by 0017 GMT, following a 0.1 per cent gain the previous day.

Oil prices fell by nearly $2 overnight after Middle Eastern crude exports rose and Group of Seven countries pledged to strengthen supplies, easing worries about shortages and a renewed energy-led inflation jolt. Energy shares slipped 0.9 per cent, with Woodside Energy and Santos down 0.8 and 0.4 per cent respectively.

Miners and banks gained as better global risk appetite followed a record Nasdaq close, while copper prices lifted mining stocks 0.8 per cent. Expectations that the US Federal Reserve may keep rates unchanged at its next meeting, after softer than expected jobs data, also supported sentiment. Technology stocks bucked the trend with a 0.7 per cent decline, and WiseTech Global fell 2.3 per cent, one of the sharpest losses on the benchmark.