Investing.com - The Australian stock market remained steady after the first hour of Thursday's trade, as market participants weighed increasing oil prices and Treasury yields that dampened investor sentiment and a lower Australian dollar.
The S&P/ASX 200 index, the benchmark for the Australian market, was little changed at 7,035.7, with consumer discretionary stocks experiencing significant losses.
Energy stocks were among the top performers on the gauge as WTI crude reached its highest level in a year. This surge was triggered by a drop in stockpiles in the largest US storage hub to their lowest level since July of the previous year. Woodside Energy and Santos saw their stocks rally by 1.9% and 2% respectively.
Upcoming retail sales figures are in the spotlight amid expectations of a 0.5% increase, with data set for release at 11.30am.