Australian shares are set to drop on Tuesday, following the oil price rising overnight and US markets staying closed for Memorial Day.
US markets were closed on MondayThe Australian dollar was near 72 cents, up half a per cent to 71.97 US cents.Spot gold was was up 0.6 per cent and selling for $US1,852.50.The iron ore futures price rose by 19 cents or 0.1 per cent to $US133.60 a tonne on Monday, as China eased COVID-19 restrictions.
On oil markets, Brent crude was up 1.1 per cent and worth $US117.17 per barrel, while West Texas crude was up 1.9 per cent to $US121.72 per barrel.Posted
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