Australian market set to open lower

THE Australian market looks set to open lower after international markets fell deeply into the red as oil prices continued to plummet.

Michael Capolino, right, works with fellow traders on the floor of the New York Stock Exchange, Wednesday, Jan. 20, 2016. Energy stocks are leading another sell-off on Wall Street as the price of oil continues to plunge. (AP Photo/Richard Drew)

THE Australian market looks set to open lower after international markets fell deeply into the red as oil prices continued to plummet.

At 0645 AEDT on Thursday, the share price index was down 19 points at 4,783.

WTI oil fell around eight per cent overnight, before pulling back to be down more than six per cent, or $US1.80, at $US26.66 at 0700 Thursday AEDT. Brent crude was down 2.54 per cent, or 73 US cents, at $28.03.

Locally, in economic news on Thursday, the HIA releases new home sales data for November.

In equities news, Woodside Petroleum is slated to release its fourth quarter production report, while Oz Minerals posts its December production report and Senex Energy has a December quarter report briefing.

In Australia, the market on Wednesday resumed its slide as investors reacted to sharp falls on Asian markets amid concerns over China’s economy.

The benchmark S&P/ASX200 index fell 61.6 points, or 1.26 per cent, to 4,841.5 points.

The broader All Ordinaries index was down 58.2 points, or 1.17 per cent, at 4,896.9 points.