Asian shares creep higher, oil surges to 3-year peak

[Image: 2021-09-27t003726z_1_lynxmpeh8q009_rtrop...k=q3Kpv7JF]

Asian shares nudged higher on Monday as risk sentiment turned for the better, though a surge in oil prices to three-year highs could inflame inflation fears and aggravate the recent hawkish turn by some major central banks.

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In Europe, stocks seemed unfazed by the narrow victory of the Social Democrats in German elections with EUROSTOXX 50 futures up 0.5per cent and FTSE futures 0.6per cent.

Oil stormed past its July peaks as global output disruptions forced energy companies to pull large amounts of crude out of inventories, while a shortage of natural gas in Europe pushed costs up across the continent. [O/R]

Brent added another 98 cents on Monday to US$79.07 a barrel, while U.S. crude rose 97 cents to US$74.95.

"We forecast that this rally will continue, with our year-end Brent forecast of US$90/bbl vs. US$80/bbl previously," wrote analysts at Goldman Sachs in a client note.

"The current global oil supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above consensus forecast."

Such an increase could stoke speculation that global inflation will prove longer-lasting than first hoped and hasten the end of super-cheap money, favouring reflation trades in bank and energy stocks while bruising bond prices.

MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.5per cent, though that followed three consecutive weeks of losses.