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Afternoon update: ASX down 0.44% as OPEC+ considers increasing production cuts

The S&P/ASX 200 is trading 0.44 per cent lower at 7,009.50.


The SPI futures are down 34 points.

Best and worst performers

The best-performing sector is Information Technology, up 1 per cent. The worst-performing sector is Consumer Discretionary, down 1.17 per cent.

The best-performing large cap is WiseTech Global (ASX:WTC), trading 1.81 per cent higher at $65.21. It is followed by shares in EBOS Group (ASX:EBO) and Xero (ASX:XRO).

The worst-performing large cap is IGO (ASX:IGO), trading 2.63 per cent lower at $8.51. It is followed by shares in Mineral Resources (ASX:MIN) and Aristocrat Leisure (ASX:ALL).

Asian markets

Japan’s Nikkei has lost 0.43 per cent.
Hong Kong’s Hang Seng has lost 0.89 per cent.
China’s Shanghai Composite has lost 0.11 per cent.

Commodities and the dollar

Oil prices have stabilised following a recent three-day decline as OPEC+ is considering the possibility of increasing production cuts during its upcoming meeting. The global benchmark Brent hovered around $81 per barrel, with expectations that key members Saudi Arabia and Russia may announce measures to further restrict oil supply, despite extending existing output curbs of around one million barrels per day.

Light crude is trading $0.43 lower at US$75.11 a barrel.

Gold is trading at US$2,010.40 an ounce.

One Australian dollar is buying 65.77 US cents. 

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