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WELLINGTON -- Asian shares are set to rise slightly on Friday, with energy shares likely to benefit from soaring oil prices, although persistent concerns over the health of the US financial sector could cap gains.

On Wall Street overnight higher energy shares dragged the main US indices higher, although financial stocks wavered as analysts predicted further mortgage write-downs for the big banks, and a potential government bailout for mortgage firms Freddie Mac and Fannie Mae.

Crude oil gained almost five percent to $120.99 a barrel, on growing tensions between Russia and the West.

Commodity prices rose as the US dollar fell, with credit jitters encouraging investors into the yen and Swiss franc.

• China wants new global monetary system
• Solons caution gov’t on privatization