Australian market set to open flat

THE Australian market looks set to open flat after US and European shares pared earlier gains when depressed oil prices failed to sustain a rally.

THE Australian market looks set to open flat after US and European shares pared earlier gains when depressed oil prices failed to sustain a rally.

At 0645 AEST on Wednesday, the share price index was down one point at 4,879.

In local economic news on Wednesday, the Australian Bureau of Statistics releases job vacancies data for November.

No major equities news is expected.

In Australia, the market on Tuesday declined for its eighth consecutive session, as energy stocks tumbled amid fears of further oil price falls.

The benchmark S&P/ASX200 index was down 7.1 points, or 0.14 per cent, at 4,925.1 points.

The broader All Ordinaries index was down 8.5 points, or 0.2 per cent, at 4,982.2 points.