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WORLD FINANCE UPDATE:

The Australian share market looks set to open slightly higher with a boost by Wall Street’s strong rally on its first trading day for 2018.

At 0700 AEDT on Wednesday, the share price futures index was up six points, or 0.1 per cent, at 6,028.

Meanwhile, the Australian dollar has slipped a little lower against its US counterpart despite the greenback dropping to a three-month low.

The local currency was trading at 78.30 US cents at 0700 AEDT on Wednesday, from 78.39 on Tuesday.

ELSEWHERE:

LONDON – Oil prices have hit mid-2015 highs early on their first trading session for 2018, before dipping to settle slightly lower as major pipelines in Libya and the UK restart and US production soared to the highest level in more than four decades.

NEW YORK – Wall Street’s major indexes are higher on their first trading session of 2018, driven by gains in technology and consumer discretionary stocks, setting the stage for another robust year for equities.