CANBERRA: Australia energy index rises as much as 1.46 pct to 8,863.5 points. Index down 3.4 pct this year, as of Wednesday’s close; it rose 13 pct in 2016 after falling for two straight years. Oil prices rose on Thursday, despite the market being oversupplied Brent crude futures were at $50.96 per barrel, up 0.63 pct, after brent briefly dipped below $50 a barrel on Wednesday for the first time since November.
Oil Search Ltd rises as much as 2.34 pct, the most in three weeks; Starmine values the company at A$5.35, which is lower than company’s last close at A$6.83, as per Thomson Reuters data. Beach Energy Ltd rises as much as 2.01 pct; forward P/E is 8.6x vs energy sector P/E of 26.8x. Santos Ltd gains as much as 1.94 pct, while Woodside Petroleum Ltd climbs up to 0.72 pct.
