A wild week for the Australian sharemarket is set to continue with the local bourse tipped to copy Wall Street’s oil-fuelled overnight surge.

The SPI200 futures contract was up 114 points, or 2.22 per cent, at 5,250.0 points at 0800 AEDT on Friday, suggesting strong gains for local stocks at the market open.

Wall Street’s major indices all closed higher a coronavirus-driven rise in US unemployment claims was offset by an oil price surge.

European stocks also had a strong session as hopes rose on a truce in the oil price war between Saudi Arabia and Russia.

US President Donald Trump tweeted he had held a constructive call with Saudi Crown Prince Mohammed bin Salman, and expected OPEC+ with Russia to agree to cut oil output by as much as 10 million to 15 million barrels.

An opening rise for local stocks would continue a week of wild swings.

The S&P/ASX200 benchmark index finished Thursday down 104.3 points, or 1.98 per cent, at 5,154.3, while the All Ordinaries index dropped 102 points, or 1.93 per cent, to 5,188.7.

The Australian dollar is buying 60.58 US cents, down from 61.84 US cents as the market closed on Thursday.