ASX to rise, US stocks fluctuate, oil surges towards $US70 a barrel

News Snapshot:

Australian shares are set to open higher, though futures pared earlier gains as US stocks fluctuated after reports that the US is preparing to evacuate its Iraqi embassy due to heightened security risks in the region. Oil surged more than 4 per cent in afternoon trade in New York, moving towards $US70 a barrel. Gold edged higher. Shares swung in New York having been bolstered earlier by the latest US-China trade détente and a muted US consumer price inflation report. Market highlights ASX futures are pointing up 18 points or 0.2 per cent to 8620. All US prices near 2.40pm...