AAP

Oil prices surged more than 10 per cent after US crude stockpiles grew less than expected and gasoline posted a surprise draw, feeding optimism that fuel consumption will recover as some European countries and US state ease coronavirus lockdowns.

Gold has fallen as optimism around the easing of coronavirus-led lockdowns and hopes of a potential treatment drug propped up risk assets, while investors awaited the US Federal Reserve's monetary policy statement later in the day.

Energy producers and banks have spearheaded a rise on the Australian share market, which closed at an eight-day high.

Private schools are being offered an early payment of more than $3.3 billion, but only if they get students back into classrooms within a month.

Banks and energy companies are keeping the Australian share market indexes higher - albeit marginally - in early trade.

US crude prices settled lower, falling about 3.0 per cent as domestic stockpiles were expected to have risen closer to record highs amid tightening storage despite plans to cut production during the COVID-19 pandemic.

Profit taking and upbeat plans in some countries to loosen coronavirus restrictions has weighed on gold prices.

The Australian share market has closed down marginally after another dip in oil prices outweighed gains by the tech and consumer discretionary sectors.

Lendlease aims to raise about $1.15 billion to guard against market uncertainty brought about by the coronavirus outbreak and has withdrawn all forecasts provided with its first-half results.

Westpac has announced it will take a $2.24 billion pre-tax first-half impairment charge, mostly because it expects some of its loan customers won't survive the coronavirus crisis.

Wesfarmers has accelerated a review into its underperforming Target business as coronavirus lockdown measures hammer sales and spell a likely earnings decline.

A Perth clinical research company wants healthy adults and elderly volunteers to participate in one of the world's first human coronavirus vaccine trials.

The Australian share market has had a sluggish start, with shares in two of the major banks seeing a marked difference in fortunes.

Brent crude fell below $US20 a barrel and US crude plunged 25 per cent, driven lower by skittish investors fleeing the US benchmark due to lack of available storage to deal with a coronavirus-induced collapse in demand.

Gold fell on Monday as US Treasury yields rose and plans by many countries to ease coronavirus-induced lockdowns whetted investor appetite for riskier assets, but unprecedented stimulus measures from governments provided underlying support.

Energy and materials stocks have helped the Australian share market to its first winning day this week.

STA Travel has been ordered to pay $14 million in penalties for misleading advertising related to a product that purported to let consumers change the dates of their flights without fees.

Investors have given a flat start to the Australian share market after mixed fortunes overseas.

Oil has extended its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic.

Gold prices jumped as much as 1.5 per cent to more than a one-week high overnight, after hopes of more stimulus from the United States to cope with a coronavirus-led lockdown.

The Australian share market has treaded water for a second straight day, with gains for mining and energy stocks outweighed by losses for the rest of the market.

Santos has posted a 13 per cent drop in first-quarter revenue due to lower realised prices for oil and gas but says it has sufficient liquidity and debt headroom to weather the recent crude price c

Investors have helped Australian stocks into positive territory in early market trading after a rise in world oil prices overnight.

Brent crude oil rebounded from two days of losses and US futures surged bolstered by tentative talk of additional supply cuts from OPEC producers and US inventory builds that were less dire than some expected.

Gold prices jumped as much as 1.9 per cent overnight on expectations of more stimulus measures amid massive economic damage due to restrictions around the world to slow the novel coronavirus.

The Australian share market has roared back from early morning losses of 2.3 per cent to finish flat on the day.

S&P Global Ratings has lowered its credit rating on Virgin Australia to CC from CCC, saying it expects the company's unsecured debt providers will be forced to accept less value than they are owed as part of the company's debt restructuring process.

Retail turnover surged by a monthly record of 8.2 per cent in March as consumers rushed to stockpile groceries and office supplies ahead of COVID-19 lockdowns.

The owner of Hollywood and Joondalup hospitals plans to raise $1.4 billion to help it deal with the adverse financial impact of the coronavirus pandemic, with St John of God Health Care also having to manage a sharp slowdown in its normal business.

Early trade has cast a bleak picture for the ASX today, after oil prices continued to slump overnight.

Brent oil futures prices plunged overnight, extending oil market panic into a second day as the coronavirus pandemic has obliterated demand for fuel.

Gold prices dropped nearly 2 per cent to a near two-week low overnight, while palladium slumped 15.5 per cent as investors scuttled for cash to cover losses in other asset classes mainly driven by a crash in oil markets as the coronavirus wrecks economies.