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ASX finishes slightly changed as the oil market rallies due to OPEC output reduction.


The Australian stock market rose on Thursday as a result of a surge in the domestic energy industry, following the OPEC+ alliance's greatest

Production has been reduced since 2020, which has helped crude prices rise this week. Plans were made public by the cartel to reduce output by 2 million.

a daily barrel. After increasing 10% over the previous three sessions, West Texas Intermediate gained 0.6% to $US88.26 a barrel.

Energy stocks rose 2.2% as Woodside Energy increased by 2.6% to $34.75 and Santos strengthened by 1.8% to $7.75.

Goldman Sachs increased its projection for Brent's price in the fourth quarter to US$110 per barrel while acknowledging that "price risks are skewed."

conceivably even higher Increasing its two-day gain that was 0.03 percent, or 1.8 points, the S&P/ASX 200 increased to 6817.5.

the strongest standard since the pandemic. To reach 7033.5, the larger All Ordinaries index gained 2.6 points. The local market experienced a

Wall Street provided a mixed signal as the S&P 500 ended the day 0.2% lower, capping a two-day rally that was also its

better than 2020. The Nasdaq Composite and Dow Jones Industrial Average both experienced declines of 0.2% and 0.1%, respectively.