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Australian shares edge up as soaring crude oil benefits energy stocks

Published on Aug 10, 2023 15:01

Australian stocks continued to gain though tepid overnight cues limited the upside. The S&P/ASX 200 index extended a recovery from around three week lows and closed up 0.26% at 7357. Energy sector stocks surged amid a sustained upmove in the crude oil prices. In total 8 of 11 sectors ended higher. Energy was the best performing sector, adding 2.27% as WTI Crude oil futures jumped to new peaks of $84.89 per barrel today, striking its highest levels since November 2022. The rally came on back of weakness in us dollar ahead of the key inflation and unemployment data due to release later today. Oil also continued to be supported by the concerns about production cuts by major OPEC+ players, Saudi Arabia and Russia.

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