SYDNEY, AAP – ASX shares fell at the end of the week but the main index stayed above 7000 points as lofty commodity prices steadied.

The ASX lost almost one per cent after US annual inflation rose to a 40-year record and Russian and Ukrainian officials were unable to call a halt to war.

Oil prices have soared since Russia’s invasion of its neighbour but steadied for a second day. Brent crude traded for $US109.38 per barrel.

ASX commodity shares were higher by less than half a per cent as most categories dropped.

The benchmark S&P/ASX200 index closed down 67.2 points, or 0.94 per cent, to 7063.6 points.

The index is down about 500 points from its record high in August last year.

The All Ordinaries index closed lower by 71.6 points, or 0.97 per cent, to 7339.3 points.

For the week, shares lost 0.66 per cent.

The Australian dollar was buying 73.32 US cents at 1623 AEDT, more than the 73.13 US cents at Thursday’s close.