Australian shares are set to open higher as US stocks rally ahead of December price data. $A advances. Oil nears $US83 a barrel.
Oil shrugged off a large US crude stockpile build, with prices rising as traders focused on China as it speeds up purchases ahead of the Lunar New Year.
The strongest driver for prices remains China’s crude consumption. Chinese companies have been snapping up cargoes of US crude before Lunar New Year holidays. Earlier this week, the government issued a bumper batch of import quotas, spurring hopes of improved crude consumption.
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