Australia's share market is edging higher, as gold stocks continue to rebound and oil falls to its lowest price since the Persian Gulf conflict began.
The S&P/ASX200 gained 49.2 points by midday on Wednesday, to be up 0.55 per cent to 8,966.9, as the broader All Ordinaries improved by 52.7 points, or 0.58 per cent, to 9,184.
Energy and utilities stocks weighed heavily, each sector down more than two per cent in early trade as Brent oil futures fell below $US80 a barrel, the lowest price since the beginning of March and shortly after US-led air strikes on Iran sparked the biggest energy supply shock in history.
Ampol and Viva Energy both sold off, but the refinery operators' share prices are still up roughly 20 per cent on their pre-conflict prices.
