The Australian sharemarket is on track for a 10th straight day of gains, after opening sharply higher on the back of climbing oil prices.
CommSec market analyst Steven Daghlian said a seven per cent rise in West Texas Intermediate prices was the main driver for the day, with energy and mining stocks opening very strongly.
The local market also received a strong lead from Wall Street, with the Dow Jones closing up 1.76 per cent.
“The oil priced surged last night by about seven per cent – it’s up about 20 per cent in three days,” he said.
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Santos was up 31 cents to $8.52, or almost four per cent, in early trade, while Woodside Petroleum was up 73 cents to $36.43 and Oil Search had gained 13 cents to $8.46.
Diversified mining giant BHP Billiton jumped $1.33, or more than four per cent, to $31.98, Rio Tinto gained $1.62, or almost three per cent, to $60.20.
And Fortescue Metals rocketed 11 cents, or almost five per cent, to $2.48.
The Aussie dollar is trading at 77.79 US cents, regaining ground lost following the Reserve Bank’s rate cut on Tuesday.
Among the banks, the Commonwealth Bank rose 97 cents to $91.37, National Australia Bank lifted 139 cents to $36.62, ANZ added 56 cents to $34.67 and Westpac was 46 cents higher at $35.72.
