Commodities
ASX Poised for Sharp Fall as Oil Tops $100
The Australian sharemarket is expected to open lower on Thursday due to rising oil prices and global market jitters. ASX futures are pointing to a 94-point drop, or 1.1%, at the start of trading.
Oil prices have surged above US$100 a barrel for the first time since July, fueling concerns about inflation and interest rates. This has led to a retreat in global equities, with Wall Street indices falling by around 0.5-0.8% overnight.
The energy sector was one of the few bright spots in Wednesday's trading session on the ASX, with stocks like Woodside Energy, Santos, and Ampol gaining 2.6%, 1.3%, and 1.4%, respectively.