ASX edges higher on hopes of record oil reserve release
Oil prices fell after the International Energy Agency proposed a record release of crude reserves. -AAP Image
Australia's share market has defied a hawkish interest rate outlook to clock a second session of gains, as reports of a record release of crude reserves took the pressure off oil prices.
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The S&P/ASX200 rose 50.9 points on Wednesday, up 0.59 per cent, to 8,743.5, as the broader All Ordinaries gained 52.6 points, or 0.59 per cent, to 8,976.8.
Oil prices dipped over the session after the International Energy Agency proposed the largest-ever release of crude reserves.
But worries remain with the Straight of Hormuz route effectively closed as air strikes still rain down on multiple key producer nations.
IEA's 32 member nations, which hold at least 1.2 billion barrels in emergency supplies, are expected to decide on proposal later on Wednesday.
The Australian dollar is trading at nearly four-year highs against the greenback, buying 71.82 US cents, up from 70.77 US cents on Tuesday at 5pm.
