Local shares to rise after Wall St records reset. BHP, Rio rally in New York. $A leaps as does bitcoin. Myer results pending. Follow updates here.
Oil prices extended their recent recovery rally and rose more than 1 per cent on Thursday as a large cut in US interest rates and declining global stockpiles helped offset some of the demand concerns arising from weak consumption in China. Brent futures settled at $US74.88 a barrel, up by $US1.23, or 1.7 per cent. US crude gained $US1.04, or 1.5 per cent, to $US71.95 a barrel. Prices have been recovering after Brent fell below $US69 for the first time in nearly three years on Sept.
Declining global crude stockpiles should support oil prices going forward, pushing Brent back above $US80 in the coming months. Crude inventories in the US, the world’s top producer, fell to a one-year low last week, government data showed on Wednesday. The decline in inventories could accelerate next week as US exports should rebound significantly from the disruptions caused by Hurricane Francine last week.
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