The Australian stock market is on a tear this morning, up 1.18% to 5,484.50.
Leading the charge are energy stocks. Senex was up 8.46% to $0.282, LNG Ltd was up 7.85% to $2.61 and Santos was up 4.99% to $7.79.
Traders are worried the country’s new king, Abdullah’s half-brother Crown Prince Salman bin Abdulaziz, will deviate from recent policy by cutting oil production which would see the commodity price rise again.
Here’s the chart.