Australian market set to open higher

THE Australian market looks set to open higher following gains on Wall Street amid a surge in world oil prices.

NEW YORK, NY - JANUARY 27: Traders on the floor of the New York Stock Exchange wait to learn if the Federal Reserve will raise interest rates during the afternoon of January 27, 2016 in New York City. The Federal Reserve last raised rates in December, 2015. Andrew Burton/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

THE Australian market looks set to open higher following gains on Wall Street amid a surge in world oil prices.

At 0645 AEDT on Friday, the share price futures index was up three points at 4,928.

Locally, in economic news on Friday, the Reserve Bank of Australia is due to release financial aggregates data for December, while the BlackRock Investment Institutes 2016 Outlook Report is expected.

In equities news, Orica has its annual general meeting.

Meanwhile, there is a creditors meeting for Queensland Nickel which was voluntarily placed into administration earlier in January.

In Australia, the market on Thursday recovered from a negative start to gain ground, led by energy and mining stocks.

The benchmark S&P/ASX200 index rose 29.8 points, or 0.6 per cent, to 4,976.2 points.

The broader All Ordinaries index gained 27.3 points, or 0.55 per cent, to 5,028.1 points.