AAP

Oil has hovered near a three-year high above $US70 a barrel on signs that production cuts by OPEC and Russia are tightening supplies, although analysts warned of a "red flag" due to surging US production.

Gold prices have hit a four-month peak as the US dollar index slumped to its lowest in three years but some analysts say the greenback's slide could be short-lived as it hasn't been driven by fundamentals.

The Australian share market has closed modestly higher after the miners offset weakness from the energy players and a flat performance by the banks.

Australian shares have started the week comfortably higher following record highs on US and British markets.

The Australian dollar is back above 79 US cents - just.

Oil prices have risen for a sixth day after Russia's oil minister said that global crude supplies were "not balanced yet," alleviating market concerns about a wind-down of the OPEC-led deal to reduce production.

Gold has hit a four-month high heading to a fifth straight weekly gain as the US dollar fell against the euro on an agreement for a political coalition in Germany.

The Australian share market has fallen away again at the end to close flat, as strong gains by miners and some energy companies offset losses among financial, property and consumer stocks.

Australian shares have opened higher following a surging US market on the back of a rise in oil prices and as investors bet on a strong US corporate earnings season.

The Australian dollar has extended the gain it enjoyed from November's better-than-expected retail trade figures.

Oil prices have risen about one per cent to three-year highs, pushing the global Brent benchmark past $USUS70 a barrel, on further signs of tightening supply in the United States and expectations that OPEC's output cuts would underpin the market.

Gold prices have approached a four-month high set on the previous day after minutes of a European Central Bank meeting showed a more aggressive tone and boosted the euro against the US dollar.

The Western Australian government has backflipped on a decision to scrap regional educational provider School of the Air along with the Gifted and Talented and Follow the Dream programs after a widespread community backlash.

Widespread selling has sent the share market to a second consecutive fall, while stronger than expected retail sales growth lifted the Australian dollar.

Retail sales rose 1.2 per cent nationally to $26.4 billion in November, in seasonally adjusted terms, beating market expectations of an increase of 0.4 per cent, while Western Australian retail spending was up 1.4 per cent for the month.

Australian shares have opened lower after Wall Street slid early in its session following a report that China could be set to stop or slow its US Treasuries purchases.

Crude oil prices have jumped, settling near three-year highs after US government data show a drop in crude inventories and production, even as fuel inventories rose.

The Australian dollar has rebounded from its previous session's loss against its weakened US counterpart.

Gold has risen, hitting its highest in nearly four months as the US dollar swoons after a report that Chinese officials had recommended slowing or halting purchases of US Treasury securities.

The share market has lost ground as investors pulled back following five straight sessions of gains.

Insurance giant QBE has appointed Vivek Bhatia as chief executive of its Australian and New Zealand business.

The Australian share market has opened up after key indexes around the globe finished stronger with some hitting fresh highs.

The Australian share market looks set to follow its international peers and open in the green, while the local dollar has fallen nearly a third of a cent against the US dollar.

Oil prices have edged higher, with US crude touching its highest since December 2014, supported by OPEC-led production cuts and expectations that US crude inventories have dropped for an eighth week in a row.

Gold has edged lower, weighed down by a stronger US dollar on the back of concerns about political uncertainty in Europe, while a buoyant stock market also drained enthusiasm for bullion.

Approvals for the construction of new homes have jumped by 11.7 per cent in November, boosted by a spike in apartment and townhouse construction activity in Victoria, Western Australia and Tasmania.

The share market has closed slightly higher as gains by miners and energy companies offset weakness in the retail and healthcare sectors.

The Australian share market has started the day on positive footing, buoyed by the major miners following the recent lift in the price of iron ore.

Oil prices are little changed, trading near their highest since May 2015, as political concerns in some OPEC nations offset projections for higher US oil production.

The Australian dollar has slipped a little against its US counterpart which has strengthened to a one-week high against a basket of six major currencies.

Gold has edged lower, retreating further from last week's 3-1/2-month high as the US dollar regained some ground against the buoyant euro and traders bet on further US interest rate hikes after Friday's payrolls data. The dollar, which has remained weak after its biggest annual drop since 2003, had helped to lift assets priced in the US currency, with gold last week registering a fourth straight weekly gain for the first time since April.

Australian shares have closed slightly higher despite the market giving up most of its early gains, lifted by support for big banks, telcos and healthcare stocks.