Business
The ASX sector set to outperform this morning thanks to Suez
The market is expected to dip on weak leads from Wall Street, but not these ASX shares that will benefit from the accident along the Suez Canal.
The Brent oil price surged 5.7% to US$64.23 a barrel while the WTI benchmark rallied 5.9% to US$61.18 a barrel.
This will likely boost ASX energy shares like the Woodside Petroleum Limited (ASX: WPL) share price, Oil Search Ltd (ASX: OSH) share price and Santos Ltd (ASX: STO) share price – just to name a few.
In contrast, the S&P/ASX 200 Index (Index:^AXJO) is expected to dip 0.2% this morning.
ASX energy shares get boost from Suez blockage
While ASX shares exposed to the oil price are likely to outperform, there will be questions about how long the rally can last.
Up to 10 crude tankers…
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