AAP

Woodside Petroleum has signed a preliminary agreement to supply liquefied natural gas to German utility Uniper for 13 years starting in 2021, contingent on Woodside developing its Scarborough gas project.

Kathmandu's key Australian market appears to be weathering the retail chill, with sales of its signature puffer jackets helping offset a revenue decline in New Zealand and propel the company to a new full-year profit peak of $NZ57.63 million ($A53.3 million).

The Australian share market has opened slightly lower as the mining and energy sectors fell.

Oil prices tumbled about 6.0 per cent overnight after Saudi Arabia's energy minister said the country has managed to restore oil supplies to where they stood before weekend attacks on its facilities shut 5.0 per cent of global oil output.

Gold rose overnight, propped up by expectations for an interest rate cut by the US Federal Reserve, but traded within a relatively narrow range as investors awaited further clarity on the central bank's stance on future monetary policy.

The Australian share market has recovered from a lacklustre start to post gains for a fifth straight day, with every sector up aside from mining and consumer discretionary stocks.

Qantas chief executive Alan Joyce was Australia's highest-paid chief executive last year, according to a survey based on 'realised' pay, which also ranked Saracen Mineral Holdings managing director Raleigh Finlayson in the top 10.

Economists for two big banks are split on whether consumer confidence is rebounding as larger-than-normal tax refunds land in bank accounts.

The Australian share market has opened lower, pulled down by a drop in the heavyweight mining sector.

Oil ended nearly 15 per cent higher overnight, with Brent logging its biggest jump in more than 30 years and a record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom's production in half and intensified concerns of retaliation in the Middle East.

Gold gained 1.0 per cent overnight after attacks on oil facilities in Saudi Arabia fuelled concerns of a further escalation in Middle East tensions and pushed investors toward safe-haven assets.

The Australian share market has finished marginally higher as gains by oil companies and goldminers outweighed declines elsewhere in the wake of a drone attack on two Saudi Arabian oil facilities.

The man responsible for Australia's fuel stocks does not believe drone attacks on Saudi Arabian oilfields will drive up domestic petrol prices.

Auto dealer A.P. Eagers has succeeded in acquiring more than 90 per cent of all Automotive Holding Group shares, reaching that important threshold just hours before its offer expired.

Bellamy's shares have surged by more than 50 per cent after the infant formula maker announced it had entered into a $1.5 billion takeover scheme with the China Mengniu Dairy Company.

Oil prices edged lower on Friday and posted weekly losses as concerns about slower global economic growth outweighed hints of progress in the US-China trade dispute but an attack on Saudi Arabia's oil facilities on Saturday was expected to result in increased prices.

Gold prices eased on Friday, heading for a third straight weekly fall, as positive US retail sales data and hopes for a thaw in China-US trade tensions lifted equities and yields to multi-week highs.

The Australian share market has closed slightly higher, rising for a third straight day following positive US-China trade developments overnight and the resumption of quantitative easing in Europe.

Suspended Perth Lord Mayor Lisa Scaffidi has admitted at an inquiry that she broke the law when she interfered in the council heritage listing process for a building in which she had a financial interest.

Two more contractors have admitted their involvement in Perth's North Metropolitan Health Service fraud scandal.

Australia is now less reliant on coal than at the beginning of the century even as energy consumption steadily climbs with a growing population.

Oil prices have fallen about 1.0 per cent after a media report cast doubt on the possibility of an interim US-China trade deal and as a meeting of the OPEC alliance yielded no decision on deepening crude supply cuts.

Palladium prices have hit an all-time high on concerns over tight supplies of the autocatalyst metal due to possible labour issues in South African mines, while gold shed earlier gains on fresh hints of progress in the US-China trade dispute.

The Australian share market has given up most of its early gains, with tech stocks and consumer staples turning around to finish the day in the red.

The competition watchdog says it has no reason to block Elders' proposed $187 million cash-and-scrip takeover of wholesale buyer Australian Independent Rural Retailers, which has 12 member stores in Western Australia.

The Commonwealth Bank of Australia has issued $US2.5 billion ($A3.6 billion) worth of subordinated notes amid a regulatory push to increase capital reserves.

Oil prices have tumbled more than 2.0 per cent after a report that US President Donald Trump weighed easing sanctions on Iran, which could boost global crude supply at a time of lingering worries about global energy demand.

Gold has risen on expectations of monetary policy easing by top central banks while global growth risks continue to linger, although improved appetite for riskier assets capped bullion's gains and kept it near a four-week low.

The ASX has posted modest gains as gains by mining stocks and the banking sector outweighed declines by consumer staples and tech stocks.

The Morrison government has moved a step closer to beefing up the powers of the securities watchdog as part of its aim to restore trust in the nation's banking system.

Woodside Petroleum expects to reduce its stakes in Australia's Scarborough gas field and Canada's Kitimat liquefied natural gas project, which would help it reduce its capital expenditure, its chief executive told Reuters.

The ASX has opened higher as the resources sector and major banks post solid early gains.