Australian stocks surge on rising oil prices

Andrew Burton/Getty Images

The Australian market, after three straight negative sessions, is surging higher on the back of rising oil prices.

Local energy stocks are up 1.8% across the board as oil prices hit a year-to-date high.

Woodside Petroleum is up 1.16% to $35.82, Oil Search 1.19% to $8.08 and Origin Energy 2.8% to $12.74.

The big banks are all stronger, led by Westpac at $39.35, up 1.1%.

Equity investors largely ignored the good official Australian jobs data which showed 37,700 jobs added for the month of March.

On Wall Street, the S&P 500 closed up 0.5%.

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