Australian shares rally

Indian residents photograph the launch of the Indian Space Research Organisation Polar Satellite Launch Vehicle. Arun Sankar/AFP/Getty Images

The local market surged on the back of energy stocks boosted by rising oil prices.

At the close, the ASX 200 was at 5,471.30, up 58.95 points or 1.09%.

Wall Street rallied overnight after OPEC agreed on a deal to limit production.

Australian energy stocks responded with Woodside Petroleum up 7.2% to $28.45, Santos 7.6% to $3.67 and Liquefied Natural Gas Limited 10% to $0.645.

BHP added 4.7% to $22.40.