Australian Stocks Are On A Tear

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.

The oil price is rallying after news Saudi King Abdullah had died. During futures trade Nymex crude staged a rally of 92 cents or 1.99% per barrel.

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.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.