AAP

Oil prices have hit their highest level in nearly two weeks, lifted by a global equity market recovery and tensions in the Middle East, although concerns of rising US production tempered gains.

The Australian share market has closed higher with most sectors posting gains, led by healthcare companies, big banks and industrial stocks.

Australian shares have got off to a tepid start with investors still cautious amid a busy earnings week despite positive momentum in the last few sessions.

The Australian dollar has fallen more than half a US cent against its US counterpart which continues to experience weakness despite bouncing off a three-year low.

Oil prices are higher as a rebound in the global equities market and a weak US dollar supported crude's recovery from last week's slide.

Gold prices have dipped, but still hovered near a three-week high, as the US dollar index bounced from a three-year low and investors worried that US inflation could heat up.

Australian shares fell back in afternoon trade to close lower on Friday despite the impetus of some strong company profit figures and overnight gains on Wall Street.

The head of the Reserve Bank has warned any corporate tax cut in Australia cannot come at the expense of higher budget deficits, adding that recent cuts to business taxes in the US are problematic.

Medibank Private's turnaround strategy is beginning to pay off with the rate of customer declines slowing and company costs narrowing.

The Australian share market has held on to morning gains as investors selectively take positions amid a slew of corporate results.

Oil prices have closed mixed with Brent paring losses and US crude turning positive as a weak US dollar and Saudi Arabia's comments that OPEC and other producers were committed to their pact on cutting supplies outweighed record US production and rising inventories.

The Australian dollar is a tad lower against its US counterpart which has continued to weaken.

Gold was on track for its fourth straight session of gains on Thursday as the US dollar slid to its lowest in two weeks on concerns about the impact of high U.S debt levels and tax cuts.

The share market has posted its best session in seven months due to positive half-year earnings results and strong gains for the miners and the energy producers.

Western Australia's electoral system has become stuck in the past amid outdated legislation and a lack of funding, a parliamentary inquiry into the 2017 state election has found.

Telstra has cut its dividend after the telecommunications provider's first-half profit fell almost 5 per cent to $1.7 billion.

Gold producers Newcrest Mining and Evolution Mining reported lower profits for the first half of the financial year, with Newcrest also disclosing the Telfer mine had a negative cash flow of $9 million for the period.

South32 has lifted its shareholder payout after improving its first-half underlying profit on the back of stronger commodities prices.

Ride-hailing giant Uber's full-year net loss widened to $US4.5 billion in 2017 as the company endured a tumultuous year that included multiple scandals, a lawsuit alleging the theft of trade secrets, and the replacement of its CEO.

The Australian share market is sharply higher in early trade after gains of more than one per cent on US markets overnight and amid a plethora of ASX-listed company results.

The Australian dollar has jumped above 79 US cents with the US currency remaining weak after US inflation figures came in higher than expected.

Oil prices have rebounded after US crude stocks rose less than expected and Saudi Energy Minister Khalid al-Falih said major oil producers would prefer tighter markets than to end supply cuts too early.

Gold prices have climbed nearly two per cent, rebounding from early losses that followed stronger-than-expected US inflation data, as the dollar surrendered gains and equities swung higher.

The Australian share market weakened as caution ahead of the release of key US inflation data outweighed better than expected earnings reports from several companies.

Myer chief executive Richard Umbers has been forced to resign, but the board is sticking with his turnaround strategy.

A tieback of the Scarborough field into the Pluto LNG plant could well be the next major energy development in Western Australia, after Woodside Petroleum announced a deal to increase its stake in the field.

Australian shares are slightly higher in lacklustre early trade as investors turn cautious ahead of key US data and a slew of local earnings.

The Australian dollar has slipped against a weakened US counterpart, but still remains above 78 US cents.

Oil prices are flat, bouncing back from an early slide as the US dollar fell to a one-week low, which encouraged buying of US dollar-denominated crude at session lows.

Gold prices have risen as the US dollar has slipped and markets anticipate the release of impending US inflation data that may offer some clues on the pace of future Federal Reserve interest rate increases.

The Australian share market has closed higher following gains on Wall Street and as several companies reported profit growth.

BHP Billiton will include an income tax expense of $US1.8 billion in its half-year accounts due to a cut to corporate income tax rates in the US.