Oct 28 (Reuters) - Australian shares will likely start Friday's session in positive territory, making a comeback from a one-month low and erasing two sessions of losses, on the back of higher commodities prices.
Oil rose on a reported drop in U.S. crude inventories stored at the Cushing, Oklahoma, delivery hub, and as Gulf OPEC members are of a mind to cut 4 percent of their peak output to boost prices. O/R
Spot gold XAU= was up 0.2 percent at $1,269.06 an ounce by 2009 GMT. local share price index futures YAPcm1 was half a percent higher at 5,281.0, trading at a 14.5-point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark declined 1.2 percent to its lowest in a month on Thursday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 was flat at 6,94.55 points in early trade.
For a summary of overnight action across global markets, click on AU/CALL
For a digest of the day's business stories in Australian newspapers, click on PRESS/AUB