AAP

The Australian dollar is fractionally shy of 80 US cents, with the US dollar weakening ovenight amid fears of a possible federal government shutdown.

The Australian share market looks set to open higher despite an uninspiring Wall Street session.

Oil is little changed, after prices ease early in the session, but are supported by a record drawdown of US crude stockpiles at the Cushing, Oklahoma delivery hub.

Gold is flat, trading in a narrow range, first dipping as the US dollar rose and then rising as the US dollar moved lower, but bullion's gains were limited by higher US Treasury yields.

Western Australia's unemployment rate has fallen by a surprising 0.9 per cent in the month of December, while job numbers were up for a record-equalling 15th consecutive month nationwide, with economists giving positive assessments of the labour market.

Australian shares have closed barely lower, with banks and consumer stocks among the few sectors to record gains as energy and mining stock weakness weighed on the market.

A company selling car repair warranties will refund $4.9 million to thousands of customers who were sold high-priced cover by sales staff chasing bigger commissions.

The state's domestic gas market will soon receive a small supply boost, with Woodside Petroleum's Pluto project expected to begin pumping up to 25 terajoules a day into the network from the second half of this year.

BHP Billiton has lifted production of copper, nickel and energy coal for the first half of fiscal 2018, but volumes were flat in its iron ore business while petroleum and metallurgical coal volumes were down.

Australian shares have opened comfortably higher after a strong positive lead from Wall Street with the Dow Jones Industrial Average closing above 26,000 points for the first time.

Oil prices have closed higher ahead of the release of US petroleum data that was expected to show a ninth straight weekly drawdown in crude inventories.

The Australian share market has closed lower, with the materials sector heavily sold down on shifting commodity prices and expectations of a correction.

Insurers Suncorp and Allianz will be forced to repay almost $63 million to thousands of customers who were sold worthless or near-worthless insurance add-ons when buying cars at dealerships.

Diversified miner South32 has boosted its expectations for South Africa manganese production and maintained full-year guidance for all other products after a solid first-half performance.

The Australian share market is firmly in the red in early trade, following a negative lead from Wall Street.

The Australian dollar is starting the day just as it left off on Tuesday, amid a slight lift in the US dollar, a fall in commodity prices and little data to influence it.

Oil prices have dropped off three-year highs as traders booked profits but healthy demand underpinned prices near $USUS70 per barrel, a level not seen since the market slump in 2014.

Gold has slipped from the previous day's four-month high, reflecting losses across the commodities complex as the US dollar claws back some losses the day after hitting a three-year low against a basket of currencies.

The Australian share market has closed weaker, led into the red by retreating financial and energy stocks, while the Australian dollar continued its upward run towards US 80 cents.

Rio Tinto has maintained its target for iron ore shipments in 2018 after hitting the lower end of its full-year guidance in 2017.

The Australian share market is lower in early trade, after a lack-lustre showing on global markets and Wall Street closed for a public holiday.

The Australian dollar has continued its confident march toward 80 US cents as the greenback's weakness lingers with a holiday in the US.

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.