Australian stock market expected to decline after oil prices surge

Before Monday’s market open, ASX futures fell by 0.5%, indicating that the S&P/ASX 200 Index may give back last week’s gains. The benchmark index slumped 1.5% on Friday, narrowing its five-day gain to 0.2%. Prior to the open, pharmaceutical company CSL lowered its annual profit forecast and indicated it will record an additional $5 billion pre-tax asset impairment. Explosives manufacturer Dyno Nobel stated that after its first-half profit more than doubled, it expects to meet its annual profit target.