Investing.com - Australian markets are expected to open higher on Monday, following gains among US energy stocks and crude oil prices during Friday's trade as investors bet on further production cuts from OPEC+
ASX 200 Futures point towards a 0.4% rise at Monday's open, while the Australian dollar wrapped up at US65.15¢, benefiting from the sharpest weekly fall in the U.S. dollar since mid-July.
Among commodities, the Brent benchmark saw an impressive surge, climbing as much as 4.3% to surpass $US80 ($123) a barrel. Similarly, West Texas Intermediate rallied up to 4%, trading near $US76 a barrel in the US on Friday.
Strategists at JPMorgan (NYSE:JPM) anticipate that the existing production cuts will be extended, forming their primary scenario for the upcoming OPEC meeting on November 26.
U.S. stocks concluded with modest gains on Friday in New York, continuing the brisk start to November. The Dow Jones Industrial Average finished flat at 34,947.3, the S&P 500 lifted 5.8 points or 0.1% to 4,514 and the NASDAQ Composite gained 11.8 points or 0.1% to 14,125.5.
Locally, stocks to keep an eye on include Weebit Nano Ltd (ASX:WBT), Pro Medicus Ltd (ASX:PME), and Universal Store Holdings Ltd (ASX:UNI) as they all host their Annual General Meetings.
Additionally, Agilent Technologies Inc (NYSE:A) and Keysight Technologies Inc (NYSE:KEYS) will be announcing earnings.