"Australian shares have edged higher, bolstered by energy stocks and the rise in oil prices, despite global stock markets stumbling.

Physical barrels of oil are changing hands at near-record-high premiums, while the strong outlook is reflected by the market’s bullish backwardated prices structure where near-term futures are higher than longer-dated ones,"
"Strong global demand has helped ease concerns about China, where a zero-COVID strategy has seen increased restrictions put in place. This comes after China reported relatively weak imports of crude oil in December."

https://www.abc.net.au/news/2022-01-17/australian-share-market-asx-business-global-stock-covid/100760682