Energy stocks tracked a global weakness in oil prices, with Beach Energy Ltd BPT.AX slipping around 0.5%. Russia promised to scale down its military operations near Kyiv and surrounding cities, boosting investor confidence that a solution could be sought to end a five-week old conflict. Markets are also focussed on global inflationary pressures wrecking havoc amid talks of aggressive rate hikes during cross-border tensions and COVID-19 concerns.