ASX Set to Open Lower Amid Rising Oil Prices and Hawkish Rate Outlook

The Australian share market is expected to open lower today, with futures pointing to a decline of 22 points, or 0.2%, as investors grapple with rising oil prices and a more hawkish US interest rate outlook.

The S&P/ASX 200 recorded its fifth consecutive calendar month of gains, capping a broadly positive company earnings season. However, the benchmark fell 16.3 points, or 0.18%, to 9,076 on Monday, while the broader All Ordinaries declined 22.9 points, or 0.25%, to 9,271.4.

Rising oil prices and concerns about inflation have weighed on markets globally, with the Dow Jones falling 374.09 points, or 0.7%, to 53,185.90, while Brent crude gained 2.7% to settle at US$90.49 a barrel.