AAP

WeWork is laying off about 2,400 employees, almost 20 per cent of its workforce, as the office-sharing company seeks to drastically cut costs after it transformed from a Wall Street darling into a pariah in a matter of weeks.

The Australian share market has moved higher despite a negative lead from Wall Street and another fall from Westpac.

Oil prices rose more than 2.0 per cent overnight to the highest in nearly two months following a Reuters report that OPEC and its allies are likely to extend output cuts until mid-2020 and fresh signs that China had invited US trade negotiators for a new round of talks.

Gold prices eased overnight as a report that Chinese officials had invited top US negotiators for a new round of talks rekindled some hopes regarding the US-China trade deal but mixed signals on the progress of talks limited bullion's losses.

The Australian share market slumped for a second day, with losses across the board as passage of a US-China trade deal appears less and less likely anytime soon.

Racing and Wagering Western Australia (RWWA) is withholding prize money to high-ranking bureaucrat Paul Whyte and his co-accused as the thoroughbred owners face accusations they stole tens of millions of dollars in taxpayer funds.

Westpac shares have hit a nine-month low after the prime minister urged Westpac to consider chief executive Brian Hartzer's position over the bank's money laundering and child exploitation scandal.

The Australian share market has slumped as the heavyweight mining and financial sectors both fell more than 1.0 per cent.

Oil prices climbed more than 2.0 per cent overnight after a better-than-expected US crude inventories report and as the Russian government said it would continue its co-operation with OPEC to keep the global oil market balanced.

Gold fell overnight, retreating from a two-week high hit earlier in the session, after the United States started issuing licences for some companies to supply goods to Chinese firm Huawei, rekindling hopes for trade negotiations that had shown signs of turning more contentious.

The Australian share market has suffered its worst day in nearly seven weeks, with the banking and energy sectors suffering especially sharp losses.

Origin Energy has raised its full-year output guidance for its Australia Pacific LNG project, the biggest producer of liquefied natural gas in eastern Australia.

Westpac chief executive Brian Hartzer says he accepts "the need for accountability" after the country's second largest lender was accused of more than 23 million breaches of anti-money laundering and counter-terrorism financing laws.

The Australian share market has moved lower as both the mining and financial sectors lost more than 1.0 per cent.

Oil fell about 2.0 per cent overnight on concerns about excess global crude supply and limited progress toward resolving a US-China trade dispute that has clouded the outlook for oil demand.

Gold pared losses overnight to scale a one-week peak as Wall Street eased from record highs on US political uncertainties and sombre earnings while markets awaited more cues on the Federal Reserve's monetary policy.

The Australian share market has rallied and the dollar has dipped after it was revealed the Reserve Bank gave serious thought earlier this month to cutting rates for a fourth time this year.

The Reserve Bank of Australia board acknowledged there was a compelling case for cutting the cash rate to a new record low before leaving it unchanged at 0.75 per cent at this month's meeting.

Woodside Petroleum has laid out plans to triple its gas and oil reserve base which will come from more than $US36 billion worth of projects in Australia, Senegal and Myanmar over the next seven years.

CommInsure will refund more than $12 million to about 30,000 life insurance customers after pleading guilty to 87 counts of unlawfully selling policies in unsolicited phonecalls.

The Australian share market has opened marginally higher after slight gains on Wall Street overnight.

Oil prices fell more than 1.0 per cent overnight, erasing much of last week's gains and tumbling alongside US stocks on uncertainty over a trade deal between the United States and China.

Gold edged up overnight, erasing losses from earlier in the session as fresh doubts over a US-China trade deal pushed Wall Street into the red.

The Australian share market has closed lower, with every sector falling except for consumer stocks.

A senior bureaucrat accused of Western Australia's biggest public sector theft is understood to be in a critical condition in hospital after an incident at his Perth home.

Western Australia will experience a bigger police presence on its streets this summer but without more officers being hired.

National Australia Bank is looking to raise $1.4 billion through the issue of medium-term notes to help beef up its capital ahead of a regulatory deadline.

The Australian share market has been adding to its early losses despite a positive lead from Wall Street at the end of last week.

Oil futures gained nearly 2.0 per cent on Friday as comments from a top US official raised optimism for a US-China trade deal but worries about increasing crude supplies capped prices.

Gold prices slipped on Friday, on track to break a three-session winning streak as stock markets hit record highs following comments from US officials that progress was being made on the "phase one" trade agreement with the Chinese government.

Rio Tinto said it will subscribe to $326 million rights shares of Energy Resources of Australia, which has been desperately seeking funds to close and rehabilitate the controversial Ranger uranium mine.

The Australian share market has hit its highest level since late July, with gains across the board as traders bet that the country's sluggish economy will lead to another cut in the official cash rate.