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MANILA, Philippines -- Shares were lower in opening deals Thursday after Wall Street's slide following yet another surge in oil prices.

Oil prices broke through $145.00 a barrel for the first time on Thursday, with Brent North Sea crude for August delivery at $145.01 in Asian trade.

The contract was up 75 cents from its close of $144.26 in London the previous day, when the contract surged through $144.00 for the first time.

The Dow fell 166.75 points or 1.5 percent to 11,215.51, the lowest close since August 2006. It now stands 20.82 percent below its Oct. 9, 2007 record of 14,164.53.

At home, investors stayed on the fence ahead of the release of the June inflation data on Friday.

At 0135 GMT, the 30-company composite index dropped 41.15 points or 1.7 percent to 2,352.75.

The broader all-share index fell 17.50 points or 1.1 percent at 1,513.78.

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• Shares seen lower on Wall St slide, surge in oil prices
• Growing economic worries to hit Asian shares
• Merrill says GM bankruptcy possible

• (UPDATE 2) Q2 growth slows to 4.6%
• Gov't revises down Q1 GDP growth to 4.7%
• (UPDATE) Central bank hikes interest rates by 25 bps
• (UPDATE) PSE to extend trading by two hours in 2009
• Mining investments reach over $200 million in Q2
• Oil rises for fourth day to above $119 on storm fears
• Bread prices to increase as local millers hike flour price
• (UPDATE) Oil nears $119, euro rallies on ECB talk
• ASEAN concludes Australia, New Zealand free trade pact
• (UPDATE) Shares close 0.3 percent higher
• Asian bond spreads stay flat ahead of new issuance
• Asian units mostly firmer, Thai baht hurt by politics
• August inflation seen at 11.8-12.6%
• Euro rises further in Asia
• ASEAN, China aim to finalize investment pact
• ASEAN concludes free trade deal with India -- ministers
• Dollar slips against euro, oil
• US, Europe, Japan planned dollar rescue -- Nikkei
• Enforcement of child labor laws weak -- US study
• Gov’t paid P406.8B in debts in first 7 months