(Reuters) - Australian shares are likely to recover and open firm on Tuesday aided by recovering oil prices.
Oil <LCOc1> rose more than 1 percent on Monday after key OPEC producer Saudi Arabia pledged to cut exports in August to help reduce the global crude glut. [O/R]
The local share price index futures <YAPcm1> rose 0.2 percent, or 13 points, to 5,638, a 50.1-point discount to the underlying S&P/ASX 200 index <.AXJO> close.
The benchmark fell 0.6 percent to 5,688.1 on Monday.
New Zealand's benchmark S&P/NZX 50 index <.NZ50> fell 0.08 percent in early trade.
(Reporting by Chandini Monnappa; Editing by James Dalgleish)
