Oct 13 Australian shares are poised to inch
lower on Thursday as oil settled one percent weaker after OPEC
reported its September oil output hit eight-year highs,
offsetting optimism over the group's pledge to bring a global
crude glut under control.
Officials of some of the world's biggest oil trading
companies told the Reuters Commodities Summit in London that
crude was unlikely to achieve supply-demand balance until well
The local share price index futures drifted down
0.3 percent to 5440, a 34.6-point discount to the underlying
S&P/ASX 200 index close. The benchmark closed 5.2 points
or 0.09 percent lower at 5474.6.
New Zealand's benchmark S&P/NZX 50 index was flat at
7105.35 in early trade.
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(Reporting by Shashwat Pradhan in Bengaluru; Editing by Sandra