The Australian stock market is trading in the positive territory on Friday morning, led by oil-related stocks after the price of crude oil in overnight US markets by 3.5% to close a shade lower below US $60 per barrel mark, at US$ 59.71 per barrel.
However, resource stocks were losing following a drop in prices of commodities as measured by an index of six metals, including copper and zinc, in London Metals Exchange, which slid 0.1% overnight.
Following the rise in price of crude oil in overnight US market, oil related stocks led the gains in the market. Woodside Petroleum, the second biggest oil producer in the country, gained about 1% while Santos, the third-biggest oil producer in the country, surged more than 3%.
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Australian Stock Traded Positively Led by Oil
The Australian stock market is trading in the positive territory on Friday morning