Commodities
ASX Poised for Sharp Fall as Oil Surges Above $100
The Australian sharemarket is poised for a weaker start on Thursday after oil prices surged above US$100 a barrel and global equities retreated amid escalating Middle East tensions and renewed inflation concerns.
ASX futures at 5.50am AEST were pointing to a 94-point, or 1.1%, fall at the open, putting the market on course to extend a volatile week in which higher energy prices have revived expectations of further Reserve Bank of Australia (RBA) interest rate increases.
The S&P/ASX 200 finished Wednesday down 9.40 points, or 0.1%, at 8,911.40 after opening higher and reversing course during the session.