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SINGAPORE, Sept 28 Reuters Oil prices scaled oneyear highs on Thursday while world stocks eyed their longest losing streak in two years as worries deepened about persistently high interest rates, sending investors to shelter in the safety of a surging U.S. dollar.

A surprisingly big drop in U.S. crude stocks has stoked concern that fuel demand is outstripping production right when markets least needed another supplyside shock.

U.S. crude rose 3.6 on Wednesday and another 1 on Thursday to hit 95 a barrel for the first time since August 2022. Brent futures hit a oneyear high at 97.69.

The prospect of higher energy costs and the spectre of sticky inflation put more pressure on longerdated bonds. Benchmark 10year Treasury yields were steady in Asia, but at 4.599 are up more than 50 basis points this month.

It doesn39;t help, said ING economist Rob Carnell. What39;s really starting to weigh on stocks is this upwards push in Treasury yields, and it39;s a pretty sensible response, he said, with equities at risk of further losses even if bonds rebound.

Traders are also watching lawmakers39; efforts to avoid a U.S. government shutdown.

MSCI39;s index of global equities moved a fraction lower and could notch its 10th straight daily fall on Thursday, which would equal a long losing streak from 2021.

MSCI39;s index of AsiaPacific shares outside Japan was pinned near a…