Australian shares are set to edge up on Wednesday with local energy stocks expected to gain from a jump in oil prices, although moves are expected to be small, in tandem with Wall Street overnight, as investors await key US inflation data due later in the week.

The local share price index futures rose 0.1%, a 21.4-point premium to the underlying S&P/ASX 200 index close.

The benchmark ended firmer at 7,292.6 in the previous session.

In New Zealand, the benchmark S&P/NZX 50 index traded up 0.149% to 12,536.32.