Australian shares are likely to inch higher on Wednesday, lifted by gains in local energy stocks as oil prices surge, while a positive Wall Street session overnight is set to further aid sentiment.

The local share price index futures rose 0.05%, a 21.4-point discount to the underlying S&P/ASX 200 index close. The benchmark closed flat on Tuesday.

New Zealand's benchmark S&P/NZX 50 index was down about 0.4% to 13030.15 points in early trade.