Afternoon update: ASX down 0.62% after OPEC+ postpones meeting

Today's theme is all about the fall in energy stocks due to the falling price of crude oil. The falling prices are a result of disagreements within OPEC+ causing a delay in their meeting, diminishing prospects of production cuts by the Saudi-led alliance. Concurrently, US data showed an uptick in oil stockpiles.

The S&P/ASX 200 is trading 0.62 per cent lower at 7,029.60.

Futures

The SPI futures are down 32 points.

Best and worst performers

The best-performing sector is Information Technology, up 0.39 per cent. The worst-performing sector is Materials, down 1.88 per cent.

The best-performing large cap is Technology One (ASX:TNE), trading 1.53 per cent higher at $15.94. It is followed by shares in CAR Group (ASX:CAR) and Medibank Private (ASX:MPL).

The worst-performing large cap is Allkem (ASX:AKE), trading 3.6 per cent lower at $8.56. It is followed by shares in South32 (ASX:S32) and Fortescue Metals Group (ASX:FMG).

Asian markets

Japan's Nikkei has gained 0.29 per cent.
Hong Kong's Hang Seng has lost -0.24 per cent.
China's Shanghai Composite has gained 0.11 per cent.

Commodities and the dollar

Gold is trading at US$2,015.20 an ounce.
Light crude is trading $-0.95 lower at US$76.15 a barrel.
One Australian dollar is buying 65.53 US cents.
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Source: Finance News Network