AAP

The Reserve Bank of Australia has cut the cash rate to a fresh record low of 1.0 per cent, reducing the cost of borrowing for two months in a row for the first time since 2012.

The Australian share market has opened higher as investors await the central bank's cash rate decision.

Oil prices pared gains overnight after worries about oversupply persisted, pulling back from an early rally as OPEC extended supply cuts until March 2020 during a meeting in Vienna.

Gold slid by as much as two per cent overnight as the US dollar rallied and investors flocked to higher-risk assets after the agreement to resume trade talks between the United States and China.

The Australian share market has closed higher but failed to make strong gains after the US and China agreed to resume trade talks over the weekend.

The Australian share market has opened higher, with almost every sector recording a positive start on the first day of the new financial year after the US and China agreed to restart trade talks.

Oil prices fell on Friday but posted their second straight week of gains ahead of widely expected production cuts from OPEC on Monday.

Gold prices held steady on Friday ahead of the weekend's G20 summit and US-China trade talks while platinum surged more than three per cent.

The Australian share market remains has dropped across the board ahead of a meeting between the US and Chinese leaders at the G20 summit in Japan.

The Western Australian government has brokered a $250 million settlement with BHP over a royalties dispute.

Oil Search has exercised a $US450 million ($A642 million) option to double its stake in a string of Alaskan exploration leases, while also affirming plans to sell off a portion of its first major venture outside Papua New Guinea.

The Australian share market has opened lower as investors await a meeting between the US and Chinese leaders at the G20 summit in Japan.

Oil prices edged higher overnight on expectations that OPEC will extend an output cut agreement while investors awaited a meeting between the United States and China that could produce a breakthrough on trade talks.

Gold steadied overnight as investors looked for further cues from trade talks between the United States and China, which bolstered risk appetite and lifted the US dollar but the metal held on to support around the key $US1,400 per ounce pivot.

The Australian share market has rebounded from early losses to close higher, driven by gains in the price of iron ore and oil.

Australia's big banks have another challenger after South Africa's Investec announced plans to open a local branch following its successful application for a local licence.

The Australian share market has opened lower despite a positive start for the mining and energy sectors.

Oil prices rose more than two per cent overnight and hit their highest in about a month, buoyed by US government data that showed a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise drops in refined product stockpiles.

Gold prices dipped overnight on signals the US Federal Reserve would not make too steep a cut to interest rates next month, but still held ground above the key psychological $US1,400 level.

The financial sector has dipped for the second day in a row as traders realised losses ahead of the end of the financial year.

Australians cannot be "passive bystanders" as the United States and China work through their trade differences, Scott Morrison has warned.

The financial sector has dipped for the second day in a row, dragging down the overall Australian share market in early trade.

Oil prices were mixed ovenright ahead of data expected to show US crude stocks declining, outweighing investors' concerns that US-China trade tensions could dampen fuel demand.

Gold prices retreated from a six-year high overnight after comments from US Federal Reserve officials trimmed expectations that the central bank will lower interest rates by half a percentage point next month.

The Australian share market has closed marginally lower following a seesaw session.

A local junior whose gold and base metals exploration projects in Burkina Faso had to be put on hold amid escalating jihadist violence in the West African country is pivoting to become a rare earth oxide developer.

Collins Foods has lifted its payout to shareholders after strong sales at its Australian KFC network helped the company boost full-year profit 20.3 per cent to $39.1 million.

Oil prices were mixed overnight as market concerns about the possibility of a conflict between the United States and Iran eased while worries about declining crude demand resurfaced.

Gold prices rose more than one per cent overnight to a near six-year peak as the US dollar fell, with safe-haven bullion also boosted by US President Donald Trump's announcement to impose fresh sanctions on Iran.

The Australian share market has closed higher as the heavyweight mining and financial sectors shrugged off their morning losses.

The $2.3 billion takeover of Navitas by private equity firm BGH, AustralianSuper and the global education provider's former chief executive Rod Jones is now legally binding.

Tax cuts could be made law as early as next week if the Morrison government meets Labor at the negotiating table.