ASX Set to Open Lower as Oil Prices Plunge Over 9 Percent

The Australian share market is poised for a lower opening on Tuesday, July 28, 2026, as traders react to a mixed performance on Wall Street and a sharp decline in oil prices. ASX 200 Futures indicate a 0.3% drop, settling at 8,818 points in early trading.

The price of Brent Crude oil experienced a significant drop, falling more than 9 percent to $87.78 per barrel. This downturn in oil prices is a key factor expected to weigh on the Australian market, which often correlates with commodity prices.

Wall Street closed with mixed results, as the S&P 500 saw a slight gain of 0.02%, while the Dow Jones Industrial Average rose 0.5%. The Nasdaq Composite, however, closed down 0.3%. European markets showed a more positive trend, with Germany's Dax up 1.0%, the UK's FTSE 100 gaining 0.4%, and the Eurostoxx 50 remaining flat with a 0.02% increase.

Other market data includes a slight increase of 0.01% in the Australian dollar to 69.90 US cents. Spot gold prices rose 1.0% to $US4,092 per ounce, and Bitcoin saw a minor decrease of 0.1% to $US64,839. Iron ore prices also experienced a slight dip of 0.6% to $US97.60 per tonne.