At 10.25am AEDT, the benchmark S&P/ASX200 index was up 4.6 points, or 0.09 per cent, at 4864.5, while the broader All Ordinaries had added 6.4 points, or 0.13 per cent, to 4868.9 points.
The energy sector was higher after New York's main contract, light sweet crude for delivery in November, rose above $US77 for the first time in a year.
Woodside Petroleum was up 80 cents at $54.00, Santos was up 27 cents at $15.81, and Oil Search was seven cents higher at $6.87.
Mining giant Rio Tinto was down six cents at $64.73, while BHP Billiton shares were flat at $38.90.
United Minerals Corporation has recommended its shareholders accept a takeover offer by BHP, valuing the minerals explorer at $204 million.
United Minerals shares are in a trading halt at 91 cents, well below BHP's $1.30 per share offer price.
Among the major banks, ANZ was down 11 cents at $24.80, National Australia Bank was up 11 cents at $31.86, Westpac had lost two cents to $27.08 and Commonwealth Bank was 40 cents lower at $55.12.
Wall Street continued its gains with stocks staging a late surge after initial caution from investors.
Earnings reports from Goldman Sachs Group and Citigroup stirred worries about the troubles that banks still face, despite better-than-expected third quarter results.
The Dow Jones Industrial Average closed up 47.08 points, or 0.47 per cent, at 10,062.94.
The Nasdaq composite was up 1.06 points, or 0.05 per cent, at 2,173.29 and the broad-market Standard & Poor's 500 index was up 4.54 points, or 0.42 per cent, at 1,096.56.
Resources, banks push market higherBanks relent on overdraft fees
