ASX Preview: Australian Shares to Rise as Oil Falls Back to Pre-Iran War Levels; Bellevue Gold Reports Higher June Quarter Gold Production

Australian shares are poised to rise on Tuesday as easing oil prices and improving Middle East supply flows lift market sentiment, with crude settling near pre-Iran war levels after Saudi Arabia cut prices and the Organization of the Petroleum Exporting Countries approved higher output targets. Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.7%, 1.1%, and 0.3%, respectively. In the macroeconomy, investors are eyeing the speech by Reserve Bank of Australia Assistant Governor Sarah Hunter on Wednesday. The ANZ-Roy Morgan Australian consumer confidence fell 1.2 points to 74.7 in the week of June 29 to July 5, ANZ reported Tuesday. In corporate news, Bellevue Gold (ASX:BGL) reported gold production of 41,643 ounces in the June quarter, with an average head grade of 4.5 grams per tonne of gold. West African Resources (ASX:WAF) produced 125,179 ounces of gold across its Sanbrado and Kiaka gold production centers in Burkina Faso in the second quarter of the year, up from 45,611 ounces in the same period last year. Australia's benchmark index fell 0.2% or 13.4 points to close at 8,831 on Monday.