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Markets Live: ASX to rise on CSL upgrade

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Oil's rise to $US80 a barrel is stoking concerns that the price rally will erode demand, but OPEC's giants so far aren't worried.

Crude surged above $US80 a barrel in London for the first time since 2014, as global supply tightens and the US moves to restrict oil exports from Iran.

"At $US80 per barrel, there will be some impact on demand," warned Patrick Pouyanne, chief executive officer of French oil explorer Total. The problem could worsen if Iran's exports are curbed later this year.

"I wouldn't be surprised to see $US100 per barrel in the coming months," he said in Washington on Thursday (Friday AEST).

Read the full story here.

SPI futures up 14 points or 0.2% to 6122 at about 7.35am AEST

AUD -0.1% to 75.09 US cents

On Wall St: Dow -0.2%, S&P 500 -0.1%, Nasdaq -0.2%

In New York, BHP -0.2% Rio +0.1%

In Europe: Stoxx 50 +0.8%, FTSE +0.7%, CAC +1%, DAX +0.9%

Spot gold +0.1% to $US1291.57 an ounce at 2.53pm New York time

Brent crude +0.2% to $US79.41 a barrel

US oil +0.1% to $US71.56 a barrel

Iron ore -0.8% to $US67.49 a tonne

Dalian iron ore +0.3% to 483 yuan

LME aluminium -1% to $US2293 a tonne

LME copper +0.8% to $US6879 a tonne

10-year bond yield: US 3.11%, Germany 0.63%, Australia 2.92%

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Australian shares are set to open slightly higher despite a choppy trading session on Wall Street on Thursday, where investors grappled with escalating trade tensions and rising oil prices, writes John Kicklighter & Ilya Spivak.

At 7am AEST, the Australian share price futures were up 14 points, or 0.23 per cent, at 6,122 points.

Comments by US President Donald Trump that China "has become very spoiled on trade" cast doubt on his efforts to avoid a tariff war between the world's two largest economies, increasing investor jitters at the outset of a second round of high-level negotiations.

Meanwhile, unrest in the Middle East suggested a reduction of oil supply and sent crude prices to their highest level in three-and-a-half years, briefly hitting $US80 a barrel.

Read more of the 8@eight here.

CSL has announced this morning that it has lifted its profit guidance for the 2018 fiscal year.

The company says its forecasting net profits after tax for the year to be in the range of $US1,680 million to $US1,710 million.

In February, the company had forecast that profits would be in the range of $US1,550 million to $US1,600 million.

CSL's chief executive Paul Perreault said on a statement that the improved outlook had been driven by a "confluence of positive outcomes."

"I am pleased to report an improved Company outlook for the financial year," he said.

"Of particular note has been a positive product and geographic sales mix shift, particularly with better than expected sales of Idelvion® and Haegarda®.

"Furthermore, Seqirus is also performing well, following a severe northern hemisphere influenza season.

"The phasing of investments in some of our clinical trials has also yielded a positive financial variance."

You can read more as it comes in.

Good morning and welcome to the Markets Live blog for Friday.

Your editor today is William McInnes.

This blog is not intended as investment advice.

Fairfax Media with wires.