Jan 6 (Reuters) - Australian shares are expected to trade flat at Friday's open, as a rebound in oil prices encourages investors to buy despite a dip in U.S. equities.
Oil prices rose on Thursday in an up-and-down session, buoyed by news that Saudi Arabia had cut production to meet OPEC's agreement to reduce output after prices fell on data showing a surprisingly large spike in U.S. gasoline and distillate inventories. O/R
The local share price index futures YAPcm1 rose 0.2 percent to 5,725, a 28.4-point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark edged up 0.3 percent on Thursday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 was flat in early trade.
For a summary of overnight action across global markets, double click on AU/CALL
For a digest of the day's business stories in Australian newspapers, double click on PRESS/AUB