S&P/ASX 200 (INDEXASX:XJO) futures are pointing to a positive open although US markets were lower overnight as the oil price continued to fall.
On the commodity front, oil prices hit a one-year low on news that US crude oil inventories spiked suggesting the market is not as tight as expected.
Crude Oil WTI fell more than US$2 to around US$61.10 before steadying at US$61.66.
Australia building approval data at 11.30am
At 11.30am, the Australian Bureau of Statistics (ABS) will released its monthly building approvals data.
It is considered a good gauge of future construction activity as attaining an approval is among the first steps in constructing a new building.
Economists estimate the monthly figure to be -12.5%.
— CommSec (@CommSec) May 2, 2019