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Australia shares set to nudge lower; NZ holds steady
October 12, 2016 / 9:26 PM / a year ago

Australia shares set to nudge lower; NZ holds steady

Oct 13 (Reuters) - 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
into 2017. 
    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.
    For a summary of overnight action across global markets,
double click on 
    For a digest of the day's business stories in Australian 
newspapers, double click on 

 (Reporting by Shashwat Pradhan in Bengaluru; Editing by Sandra

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