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imageSYDNEY: Australian shares are set to open lower on Wednesday, tracking Wall Street, as a slump in oil prices is likely to weigh on resources stocks.

Oil prices slid to three-month lows after OPEC reported a rise in global crude stockpiles and a jump in production from its biggest member, Saudi Arabia, despite a deal to curb supply.

Investors are also waiting for the outcome of Federal Reserve's two-day meeting, with traders pricing in a 90 percent chance the Fed will raise interest rates a quarter of a point.

The central bank's statement is due at 1800 GMT on Wednesday followed by a press conference by Fed Chair Janet Yellen.

The local share price index futures fell 0.2 percent, or 10 points to 5,752, a 7.1-point discount to the underlying S&P/ASX 200 index close.

The benchmark closed 0.03 percent higher on Tuesday.

New Zealand's benchmark S&P/NZX 50 index fell 0.2 percent, or 13.39 points to 7,163.70 by 2115 GMT.

Annual gross domestic product for the country, due later in the day, is expected to be around 3.1 percent, down from 3.5 percent the previous quarter, a Reuters poll showed.