5 things to watch on the ASX 200 on Thursday

It looks set to be another poor session for the ASX 200 on Thursday.

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On Wednesday, the S&P/ASX 200 Index (ASX: XJO) recorded the smallest of declines. The benchmark fell slightly to 6,854.3 points.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market looks set to open the day in the red on Thursday following a poor night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 14 points or 0.2% lower this morning. In late trade on Wall Street, the Dow Jones is down 0.2%, the S&P 500 is down 1.35%, and the NASDAQ is 2.3% lower.

Oil prices push higher

It looks set to be a good session for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 2% to US$85.41 a barrel and the Brent crude oil price is up 2.4% to US$90.19 a barrel. Middle East concerns boosted prices.

Buy Woolworths shares

Goldman Sachs thinks investors should be buying Woolworths Group Ltd (ASX: WOW) shares following its sales update. This morning, the broker has retained its conviction buy rating with an improved price target of $42.40. It said: "Quality [market] share gain and volume growth for AU Food on-track; reiterate Buy."

Gold price rises

ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent session after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.4% to US$1,993.6 an ounce. This was driven by increased demand for safe-haven assets.

Pilbara Minerals quarterly

The Pilbara Minerals Ltd (ASX: PLS) share price will be one to watch today when the lithium miner releases its quarterly update. Goldman Sachs is forecasting production of 150,000 dry metric tonnes (dmt) of spodumene, compared to the consensus estimate of 156,000 dmt. Both will be down from 163,000 dmt during the previous quarter. A realised spodumene price of US$2,433 per tonne is expected by the broker.

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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