S&P/ASX 200 slips as RBA holds cash rate at 0.1%; bond purchases to continue at a reduced rate

Oil jumped to its highest level in nearly three years on Monday after talks between OPEC+ members were postponed indefinitely.

Aeris Resources Ltd - S&P/ASX 200
OPEC+ failed to reach an agreement on production policy for August and beyond.

S&P/ASX 200 (INDEXASX:XJO) has slipped 0.20% to 7,300.70 points as the Reserve Bank of Australia (RBA) kept the official cash rate unchanged at 0.1% and said it will continue bond purchases at a slightly reduced rate.

RBA governor Philip Lowe said: “The economic recovery in Australia is stronger than earlier expected and is forecast to continue.

“The outlook for investment has improved and household and business balance sheets are generally in good shape.”

However, the governor cautioned the RBA’s growing concern about the lift in house prices across the nation’s capital cities.

Oil price hits multi-year high

Energy is the top-performing sector on the ASX today, rising 1.92% following a surge in oil prices to their highest levels in almost three years.

Brent crude prices jumped 1.3% to US$77.16 after OPEC+ abandoned its meeting without a deal.

Locally, Woodside Petroleum (ASX:WPL) gained 2%, while Oil Search (ASX:OSH) surged 3.9%.

Top gainers

Today’s top gainers on the ASX include Aeris Resources Ltd (ASX:AIS) (+8.33%), Aldoro Resources Ltd (ASX:ARN) (+10.26%), Alicanto Minerals Ltd (ASX:AQI) (+13.79%), Arrow Minerals Ltd (ASX:AMD) (+16.67%), Cauldron Energy Ltd (ASX:CXU) (+11.43%), Nexus Minerals Ltd (ASX:NXM) (+7.69%) and Walkabout Resources Ltd (ASX:WKT) (+11.11%).

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