5 things to watch on the ASX 200 on Tuesday

Another decent session is expected for the ASX 200 on Tuesday.

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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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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