S&P/ASX 200 jumps 1.1% to a record high despite Victoria's extended lockdown as energy sector leads rally in cyclicals

S&P/ASX 200 jumps 1.1% to a record high despite Victoria's extended lockdown, as the RBA appears to shorten the odds on a July move.

Global markets were lifted by the surging oil price. Picture: AAP

The ASX 200 has made a fresh record high with a boost coming  from miners and energy stocks after price jumps in oil and iron ore. GDP data beat expectations. Rex takes the refund fight to Qantas.

Oil prices surged as OPEC and its allies looked set to keep boosting crude production on the basis the world economy is well on the recovery track and demand will improve further. Iron ore was up 10.9pc.

An advertisement taken out by Rex suggests Qantas could owe as much $1bn to passengers caught up in Covid-related flight cancellations. Worley is up 5pc as it holds an investor day.