ASX Preview: Australian Shares to Fall on Oil Supply Concerns; Rio Tinto Group Reports Flat Q3 Copper Production

MT Newswires Live10-14

Australian shares are poised to fall on Wednesday as mixed oil prices and escalating tensions in the Middle East weigh on investor sentiment, while uncertainty over a potential US-Russia diesel deal and continued disruptions to global energy supplies keep markets on edge.

Overnight, the Nasdaq Composite and the Dow Jones Industrial Average fell 0.2% and 0.4%, respectively, while the S&P 500 was marginally lower.

In the macroeconomy, investors are eyeing the release of the Westpac Leading Index report.

In corporate news, Rio Tinto Group (ASX:RIO) reported flat year-over-year consolidated copper production of 205,000 tonnes in the third quarter, while global iron ore production rose 2% to 89.7 million tonnes.

Evolution Mining (ASX:EVN) reported group gold production of 153,616 ounces in the September quarter, down from 173,721 ounces in the prior corresponding period.

Australia's benchmark index closed slightly changed with a positive bias at 8,783.90 on Tuesday.

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