Oil prices remained relatively stable throughout the week, with Brent trading slightly above $83 a barrel and West Texas Intermediate below $80, as the market focused on supply dynamics and inflation concerns. Despite lower US crude inventories and indications of easing inflation, conflicting reports on demand growth from organizations like the International Energy Agency contributed to muted price action, resulting in the narrowest weekly range for Brent since March, influenced by technical factors like proximity to the 100-day moving average.
At 11:30am, the S&P/ASX 200 is 0.42 per cent lower at 7,848.
The SPI futures are pointing to a fall of 38 points.
Best and worst performers
The best-performing sector is Materials, up 0.43 per cent. The worst-performing sector is Health Care, down 1.45 per cent.
The best-performing large cap is Bendigo and Adelaide Bank (ASX:BEN), trading 7.16 per cent higher at $10.63. It is followed by shares in Pilbara Minerals (ASX:PLS) and Boral (ASX:BLD).
The worst-performing large cap is Mercury NZ (ASX:MCY), trading 3.11 per cent lower at $5.91. It is followed by shares in Reece (ASX:REH) and James Hardie Industries plc (ASX:JHX).
Commodities and the dollar
Gold is trading at US$2380.90 an ounce.
Iron ore is 2.4 per cent higher at US$116.90 a tonne.
Iron ore futures are pointing to a 1.14 per cent rise.
One Australian dollar is buying 66.71 US cents.
