On Monday, the S&P/ASX 200 Index (ASX: XJO) started the week with a small gain. The benchmark index rose 0.2% to 6,970.2 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX 200 expected to rise again
The Australian share market is set to rise again on Tuesday following a decent start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 32 points or 0.45% higher. In late trade in the United States, the Dow Jones is up 0.4%, S&P 500 is up 0.55%, and the NASDAQ has climbed 0.3%.
Oil prices rise
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good session after oil prices rose overnight. According to Bloomberg, the WTI crude oil price is up 4.2% to US$86.30 a barrel and the Brent crude oil price is up 4.1% to US$88.07 a barrel. Middle East tensions have boosted prices.
Liontown on watch
The Liontown Resources Ltd (ASX: LTR) share price will be one to watch today. That's because the four-week exclusive due diligence period granted to Albemarle has now come to an end. This could mean the lithium developer provides an update on whether the $3 per share takeover offer becomes binding or not.
Gold price charges higher
ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a good session after the gold price charged higher overnight. According to CNBC, the spot gold price is up 1.7% to US$1,877 an ounce. Increased safe haven demand gave the precious metal a lift.
Woodside upgraded to buy
The Woodside Energy Group Ltd (ASX: WDS) share price could be in the buy zone according to analysts at Goldman Sachs. This morning, the broker has upgraded its shares from neutral to a buy rating with a $38.70 price target.