April 29 (Reuters) - Australian shares edged higher on Friday, in line with global markets, after strong U.S. tech earnings eased worries about economic slowdown and as crude prices rose on concerns of tightening worldwide supply.
The S&P/ASX 200 index was up 0.8% at 7,415.00 by 0045 GMT, but was on track to record a second weekly loss. The benchmark closed 1.3% higher on Thursday.
Gains in U.S. technology stocks on the back of strong corporate earnings supported the Wall Street rally even after the U.S. Commerce Department said in its advance GDP estimate that gross domestic product fell at a 1.4% annualized rate last quarter.
Tracking U.S. peers, Australian technology sub-index surged nearly 2%.
Domestic gold stocks emerged from their six-day losing streak to gain 2.2% and become the top percentage gainers in the benchmark index.
Sector heavyweight Newcrest Mining advanced 2.4% as gold miners continue to benefit from upbeat demand amid the uncertainty caused by the Russia-Ukraine conflict.
An increase in oil prices pushed energy stocks 1.3% higher on the domestic bourse in their third session of gains.
Woodside Petroleum and Santos rose 1.4% and 1.3%, respectively.
Crude prices settled higher on Thursday on the increased likelihood that Germany will join other European Union member-states in an embargo on Russian oil, which could further tighten supplies in the already stressed global market.
Origin Energy rose 2.4% after the company posted a 78% jump in third-quarter revenue from its stake in the Australia Pacific LNG project.
Financial stocks and miners were up 0.7% and 0.5%, respectively, with remaining sectors also trading in black.
Shares of Ramsay Health Care fell 0.6% after the country's largest private hospital operator said its profit more than halved in the third quarter due to higher costs and disruptions from COVID-19 curbs.
New Zealand's benchmark S&P/NZX 50 index was down 0.1% at 11,869.50.
(Reporting by Himanshi Akhand in Bengaluru; Editing by Sherry Jacob-Phillips)