Australian market set to open higher

THE Australian market looks set to open higher, following strong gains on Wall Street and rises in commodity prices.

NEW YORK, NY - SEPTEMBER 15: A trader work on the floor of the New York Stock Exchange on September 15, 2015 in New York City. Stocks ended up today with the Dow Jones industrial average finishing the day up over 200 points. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open higher, following strong gains on Wall Street and rises in commodity prices.

At 0649 AEST on Thursday, the June share price index futures contract was up 44 points at 5,161.

US stocks rose for the second consecutive session ahead of the Federal Reserve’s decision on whether to raise its interest rate for the first time in nine years.

Crude prices also rallied after a US petroleum supply report showed lower inventories and oil production.

Locally, the Reserve Bank releases its quarterly bulletin containing its latest research.

In equities news, Oroton releases its full year results.

In Australia, the market on Thursday, waits for the much anticipated US Federal Reserve’s interest rate decision.

The benchmark S&P/ASX200 index was up 80.5 points, or 1.6 per cent, at 5,098.9 points.

The broader All Ordinaries index was up 77.0 points, or 1.53 per cent, at 5,123.6 points.