Australian market set to open lower

THE Australian market looks set to open lower following falls on Wall Street and further declines in the price of oil.

In Australia, the market on Monday closed nearly two per cent higher.

THE Australian market looks set to open lower following falls on Wall Street and further declines in the price of oil.

At 0645 AEDT on Tuesday, the share price index was down 18 points at 4,931.

Locally, no major economic or equities news is expected on Tuesday.

In Australia, the market on Monday closed nearly two per cent higher, posting gains for a third straight session, as a strong rise in oil prices lifted markets worldwide.

The benchmark S&P/ASX200 index was up 90.6 points, or 1.84 per cent, at 5,006.6 points.

The broader All Ordinaries index was up 87.5 points, or 1.76 per cent, at 5,057.1 points.