News: Oil and copper prices lift Australia shares; NZ down

(Updates to close)

July 26 (Reuters) - Australian shares ended higher on Wednesday as sentiment was boosted by a jump in oil and copper prices, helping lift energy and material stocks.

The S&P/ASX 200 index (xjo) rose 50 points, or 0.9 percent, to 5,776.60 by the end of trade, its highest close in nearly three weeks.

Oil rallied on Saudi Arabia's pledge to limit crude exports to help curb global oversupply, while copper hit a two-year high. [O/R] [MET/L]

Australia's energy index .AXEJ climbed 2.9 percent, with Woodside Petroleum Ltd (WPL), Caltex Australia Ltd (CTX) and Oil Search (OSH) gaining between 2.3 percent and 3.2 percent.

Miners rose on base metal prices, with OZ Minerals Ltd (OZL) touching a 15-week high and Sandfire Resources NL (SFR) adding 8.2 percent.

Separately, investors were also waiting on the outcome of the U.S. Federal Reserve's meeting later in the day, at which it is widely expected to hold interest rates unchanged. [MKTS/GLOB]

"I don't think there will be too much in the actual rates decision itself. I think the investors will be looking for any sign by the Fed on when they are going to start winding back the size of its balance sheet," said Tony Farnham, an economist with Patersons Securities.

The Fed's policy statement may provide more visibility on when this reduction might occur.

New Zealand's benchmark S&P/NZX 50 index (nz50) fell 2.47 points, or 0.03 percent, to finish at 7,710.59.

Telecoms and industrials led the losses. NZX Ltd (NZX), the biggest drag on the index, fell to a nearly two-week low.