Australian Sharemarket Poised for Sharp Fall Amid Oil Price Surge

The Australian sharemarket is poised for a weaker start on Thursday after oil prices surged above US$100 a barrel, pushing global equities down and reviving concerns about inflation and interest rates.

ASX futures are pointing to a 94-point, or 1.1%, fall at the open, following a volatile week in which higher energy prices have increased expectations of further Reserve Bank of Australia (RBA) interest rate hikes.

Investors will be watching the Melbourne Institute's inflation expectations report and several companies trading ex-dividend, including Breville, Perpetual, SGH, Sandfire Resources, Regis Resources, Kogan, and Nine Entertainment.