AAP

The Australian share market has dipped in early trade, with the mining giants more than offsetting a positive open for the financial and energy sectors.

Oil prices rose one per cent overnight as fighting in Libya and falling Venezuelan and Iranian exports raised concerns over tightening global supply, but uncertainty surrounding an OPEC-led production cut limited gains.

Gold has dropped one per cent to its lowest level of 2019, as a string of robust economic data boosted demand for riskier assets like equities while bullion was further weighed down by gains in the US dollar.

US stocks have ended slightly higher, with the S&P 500 inching closer to its all-time high following a string of mostly positive earnings, while a drop in healthcare shares limited the advance.

Australian shares have closed higher, with the banking and health care sectors offsetting a dour day for energy and telecom stocks.

Australian petrol prices have hit a five-month high with school holidays underway and families preparing to head off for the Easter long weekend.

Takeover target Lynas Corporation has reported a 32.5 per cent rise in production of rare earths oxides during the quarter, as it fends off a takeover offer from retails-to-chemicals conglomerate Wesfarmers.

Mining giant Rio Tinto has reported a 14 per cent drop in quarterly iron ore shipments and cut its 2019 shipments estimate on disruption caused by a tropical cyclone which hit its export terminal in Western Australia last month.

The Australian sharemarket has edged lower at the open, dragged lower by energy stocks after a global oil price rally came to a halt.

Oil prices have halted their rally, with both benchmarks down nearly one per cent, after Russia's finance minister said Russia and OPEC may decide to boost production to fight for market share with the United States, where output remains at record highs.

Gold fell to its lowest in more than a week as hopes the United States and China would reach a trade deal lifted appetite for riskier assets even as the dollar retreated.

The Australian sharemarket has started the week flat, with volumes light as many traders took the week off as the Easter school holidays commenced nationwide.

A businessman who orchestrated a $20 million insurance scam that involved burning down the former Western Australian headquarters of Bunnings has been sentenced to more than seven years in prison.

Rio Tinto will invest an extra $US302 million to develop its Resolution copper project in the US state of Arizona, as it looks to expands output to meet the lucrative market for new energy vehicles.

Australian shares are subdued at the dawn of a new trading week, with gains for energy companies and the big banks offset by a flat mining sector and losses for health care stocks.

Oil prices have risen one per cent as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand.

Gold prices have inched lower, having posted the biggest daily decline in two weeks in the previous session, as the impact of a weak dollar was offset by gains on Wall Street.

Australian shares have closed higher with most sectors gaining amid a broad rally.

A former insurance broker who admitted funnelling almost $200,000 owed to clients into his own bank accounts has been sentenced to two years and nine months imprisonment.

Labor leader Bill Shorten says Department of Treasury costings showing his tax plan will cost an extra $38.7 billion a year for the next decade are wrong.

The consumer watchdog says price compare website iSelect misled customers for two years by recommending energy retailers that paid it higher commissions.

Australian shares have opened higher, with the big four banks bouncing back from losses of the previous day.

Oil prices fell overnight after sources said OPEC may raise output from July if Venezuelan and Iranian supplies fall further and prices keep rallying.

Gold prices fell more than one per cent overnight, slipping below the key $US1,300 level as robust economic data from the United States boosted the US dollar, taking the sheen off the safe-haven metal.

Australian shares have fallen, dragged down by share prices falls by the major miners and the big four banks amid dovish comments by US and European central banks.

Scott Morrison has put the economy at the centre of his pitch to voters, saying they need to keep him as prime minister because "now is not the time to turn back" to Labor, after he announced a May 18 date for the federal election.

Battling Western Australians may shift their votes from the Liberal Party of Australia to the Australia Labor Party at the looming election, wooed by Labor's policies on wage growth and penalty rates.

Australian shares have fallen as the mining and banking sectors led losses at the start of trade.

Gold prices rose overnight, lifted to their highest in almost two weeks as investors fretted about the global economy and trade tensions and as the European Central Bank and the US Federal Reserve showed signs that monetary policy will remain accommodative.

Oil futures climbed more than one per cent overnight after US data showing a deep decline in petrol stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela's crude supply.

The Australian share market has finished flat after a session in which the big banks gained and the miners lost ground, a reversal of recent patterns.

The global economy is slowing more than expected and a sharp downturn could require world leaders to coordinate stimulus measures, the International Monetary Fund says.