SINGAPORE -- Most Southeast Asian stock markets edged higher on Thursday, as stronger crude prices bolstered resource-related shares such as Noble Group, but inflation worries weighed on banks and property shares.

Global equities also rose as commodity shares gained but inflation fears hit financial shares.

Jakarta gained 2.1 percent on a rebound in resource shares, while Thailand climbed 0.6 percent on energy.

Singapore and the Philippines edged 0.2 percent up, while Malaysia dipped 0.3 percent on banks.

Oil tipped above $117 a barrel on Thursday after crude and gasoline stocks data raised supply concerns, lifting other commodities from gold to wheat.

Indonesia's coal miner Bumi Resources jumped 7.0 percent, while nickel producer PT International Nickel Indonesia Tbk. surged 10 percent.

Singapore-listed commodity trader Noble Group also jumped 9.0 percent to a week-high, and Olam International gained 4.2 percent.

Thai energy shares PTT and affiliate PTT Exploration and Production also gained 1.5 and 4.2 percent.

But analysts said they expect the recovery in commodity prices to be short term, favoring other shares.

"Commodity prices have entered a significant correction on the back of slumping global growth and a stronger US dollar," said Shane Oliver, head of investment strategy at AMP Capital in a client note.

"This is good news for the global growth outlook and for shares generally as it takes pressure off inflation .... But it is bad news for resource shares," he added.

In Malaysia, lenders Bumiputra Commerce and Maybank dropped 5.3 and 2.0 percent to weigh on the index.

Singapore property shares Keppel Land and City Development declined 1.9 and 1.5 percent.

Analysts at Citigroup said they expect further downside in the Singapore market, underweighting banks and favouring high dividend yield plays such as REITs and telcos.

"A further 10 to 15 percent fall looks possible. We recommend a defensive strategy," said Chua Hak Bin, Citigroup's head of Singapore research in a report.

"The bear market may drag on until early 2009."

Vietnam rose 2.7 percent, with nearly all shares gaining to their trading band ceiling on the government's decision to cut retail petrol prices.