Australia shares to gain on energy, material stocks; NZ down

SYDNEY: Australian shares are set to open higher on Wednesday as rising commodity prices are expected to bolster materials and energy stocks.

Crude oil prices rose on Tuesday following reports that Saudi Arabia has told OPEC officials it wants to continue output cuts for an additional six months.

Gold jumped to a fresh five-month high on Tuesday as investors sought assets seen as havens from risk amid mounting political and security concerns.

The local share price index futures rose 18 points to 5,936.0, a 6.7-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 0.3 percent on Tuesday.

New Zealand's benchmark S&P/NZX 50 index fell 0.4 percent in early trade.