AAP

The Australian share market has opened lower amid early losses in the heavyweight mining and financial sectors.

Oil prices rose about two per cent overnight to a two-week high on optimism the US Federal Reserve will cut interest rates this week for the first time in more than 10 years, boosting demand expectations in the world's biggest oil user.

Gold prices steadied overnight ahead of the conclusion of the Federal Reserve's two-day policy meeting as investors awaited more information on the outlook for interest rate cuts by the US central bank.

The Australian share market has hit its highest levels ever, eclipsing a mark set just before the global financial crisis more than 11 years ago.

Two workers have been injured in a possible machinery malfunction at BP Australia's Kwinana Refinery.

Teachers in Western Australia are being asked to endorse a new wage claim amid growing work demands.

The Australian share market's benchmark index has hit an all-time high after the S&P/ASX200 broke through a record set more than 11 years ago.

Oil prices rose overnight as the prospect of an expected interest rate cut by the US Federal Reserve overshadowed pessimism over US-China trade talks and worries about slower global economic growth.

Gold prices firmed overnight on expectations of a rate cut by the Federal Reserve this week while investors awaited cues on the future trajectory of monetary easing by the US central bank.

The Australian share market has posted solid gains, with the benchmark S&P/ASX200 index ending the day less than three points from its best closing price ever.

Rare earth miner Lynas Corporation says it is stockpiling two rare earth metals and limiting sales to its strategic partners because of price volatility amid the US-China trade war and a slowing global economy.

The Australian Taxation Office (ATO) is planning to visit around 700 small businesses in Broome, Cable Beach, Derby and Kununurra, Western Australia in August as part of the agency's work to tackle the black economy and protect honest businesses from those doing the wrong thing.

Oil prices inched up on Friday, ending the week higher after stronger-than-expected US economic data brightened the crude demand outlook and concerns over the safety of oil transport around the Strait of Hormuz threatened supply.

Gold prices rose on Friday after slipping to more than one-week lows in the previous session as soft US inflation numbers offset better-than-expected second-quarter economic growth that kept bets alive for an imminent interest rate cut.

The Australian share market has finished broadly lower, despite gains for the mining and energy sectors.

Aurora Capital has abandoned its planned takeover of Yowie Group and says it would instead support winding up the Australian chocolatier if management cannot plot a convincing near-term turnaround strategy.

The Australian share market has opened lower, with utilities the only sector able to make any early gains.

RBA flags low rates for years

Oil prices edged higher overnight supported by rising tensions between the US and its allies and Iran and a big decline in US crude stockpiles, but gains were capped due to lingering worries about slowing economic growth that could reduce fuel demand.

Gold fell one per cent overnight to touch a one-week low as robust US economic data outweighed the European Central Bank's decision to hew to an accommodative monetary policy, with investors focusing on next week's Federal Reserve meeting.

The Australian share market has moved higher for a third straight day, with the All Ordinaries index breaking through its all-time peak set nearly a dozen years ago.

Newcrest Mining says its gold output rose 4.2 per cent in the fourth quarter as production at its Cadia and Lihir mines ramped up.

The All Ordinaries index has hit an all-time high before retreating as the Australian share market opened slightly higher.

Oil prices fell one per cent overnight, failing to draw lasting support from a large decrease in US crude stockpiles as investors worried about global oil demand.

Gold gained overnight en route to snap a three-session losing streak on expectations the US Federal Reserve and other major central banks would adopt a dovish approach to monetary policy while silver soared to a more than one-year high.

The Australian share market has surged on hopes the US and China will reached a trade deal, with the All Ordinaries index hitting its highest closing price ever.

Oil rose to almost $US64 overnight, jumping late in the session after the head of US Central Command said the United States may have taken down a second Iranian drone over the Strait of Hormuz last week.

Gold inched down overnight to its lowest level in a week as a robust US dollar offset weak US economic data, and investors awaited clearer signals on the Federal Reserve's trajectory for interest rates.

The Australian share market has finished broadly higher with all sectors posting gains.

At least three institutional investors in Australia are pushing for global miner BHP to consider external candidates to replace Andrew Mackenzie as new CEO, sources with direct knowledge of the matter say.

Oil prices rose more than one per cent overnight as investors worried about possible supply disruptions in the energy-rich Middle East after Iranian forces seized a British tanker last week.

Gold prices steadied overnight after a sharp fall in the previous session, as investors waited for the US Federal Reserve's decision on interest rates at its meeting next week.