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ASX set to rise as oil price steadies

Australian shares appear set for gains at the start of the trading week after a gradual increase in world oil prices.

The SPI 200 futures contract was up 82 points, or 1.57 per cent, to 5,298 at 0800 AEST on Monday.

CommSec chief economist Craig James tipped a rise for the ASX and said the resource sector would benefit from the steady recovery of oil.

Oil producers have cut production to better balance supply after travel demand dropped drastically due to the COVID-19 pandemic.

James said a 1.1 per cent lift on the US’s Dow Jones on Friday would also help Aussie stocks on Monday.

Talk of reopening the US economy in some states helped gains for investors in America.

The Australian dollar was buying 63.87 US cents at 0800 AEST, up from 63.56 US cents at Friday’s close.

The price of gold was $1728 an ounce.

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