-- Australian shares are poised to fall on Wednesday after the United Arab Emirates said it would quit Organization of the Petroleum Exporting Countries (OPEC), rattling global oil markets amid an escalating Iran war and raising questions over future supply stability in the energy sector.
Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.5%, 0.9%, and 0.1%, respectively.
In the macroeconomy, Australia's consumer price index report is due at 11:30 am Sydney time.
In corporate news, Woodside Energy Group (ASX:WDS) reported a decline in operating revenue to $3.26 billion in the March quarter from $3.32 billion a year earlier, while total production also fell year on year to 45.2 million barrels of oil equivalent (MMBoe) from 49.1 MMBoe.
Westgold Resources (ASX:WGX) reported group gold production of 93,145 ounces of gold and sold 69,900 ounces of gold in the fiscal third quarter ended March 31.
Australia's benchmark index fell 0.6% or 55.7 points to close at 8,710.70 on Tuesday.