AAP

Oil prices have eased, weighed down by uncertainty over the outcome of an OPEC meeting this week at which an extension to its price-supporting oil output cuts will be discussed.

The share market ended a day of fluctuating fortunes slightly weaker, amid falls for the heavyweight banks, miners and telcos.

BHP Billiton expects to lower costs in its Australian mining operations by a further 10 per cent, and has forecast the division will deliver $US1.6 billion ($A2.2 billion) in productivity gains over the next two years.

Weaker commodity prices have weighed on resources stocks and Telstra is losing ground but the Australian share market is slightly stronger in early trade.

The Australian dollar is hardly changed against its US counterpart which again fell in the offshore session as traders braced for the resumption of deliberations on the US tax plan and the confirmation hearing for Federal Reserve governor Jerome Powell as the central bank's next chair.

Gold prices have lifted, buoyed by a weaker US dollar, as investors look ahead to congressional testimony by the nominee to chair the US Federal Reserve and a meeting between US president Donald Trump and Senate Republicans on tax reform.

Oil prices have fallen one per cent with US crude easing from two-year highs on prospects of higher supply, and uncertainty about Russia's resolve to join in extending output cuts ahead of this week's OPEC meeting.

Shares in Downer EDI have jumped after the engineering group lifted its full-year profit because of larger-than-expected cost savings uncovered following its purchase of Spotless.

Telstra shares have sunk after NBN Co said it would temporarily suspend the National Broadband Network rollout to work on improving the quality of the service.

The Australian share market has closed slightly higher following a late burst in buying that lifted the market out of a midday trough.

Australian shares have started the week ignoring a positive lead from Wall Street and its fresh record highs, with local indexes unsettled and swinging in and out of positive territory at the opening of trade.

Novo cruels Pilbara gold rush

The Australian dollar is unchanged against its US counterpart, which was fallen to a two-month low as investors grow optimistic about the strength of the euro zone's recovery and lose their appetite for the greenback.

US oil prices have hit their highest levels in more than two years on Friday after the continued shutdown of a pipeline running from Canada to the United States was expected to reduce supply into a major storage facility.

Gold prices have dipped as some investors lock in profits at the end of the week, and risk appetite strengthened, but expectations hovered that gold prices could move higher next week.

Australian shares have ended the day flat, following a slight recovery from heavy losses in early morning trade.

Solomon Lew has struck a blow against Myer by securing a first strike against the department store chain's executive remuneration.

Rio Tinto has again extended its joint venture agreement with Chinese state-owned steel company Sinosteel to sell its Pilbara iron ore.

Australian shares are trading lower in early trade, with investors wary after a sharp decline in the Chinese markets on Thursday and with Wall Street closed for a public holiday.

US crude has hit a two-year high in thin trade as the shutdown of a major crude pipeline from Canada and a draw on fuel inventories pointed to a tightening market, despite rising output from US producers.

The Australian dollar is higher against its US counterpart which has sustained further losses as investors trim bets on the outlook for US interest rate rises in 2018.

Gold prices have steadied to trade nearly flat after rising nearly one per cent in the previous session as the dollar extended its swoon amid reduced expectations for US interest rate hikes next year.

The share market has closed flat as gains in the resources sector were offset by falls by the banks and consumer related stocks.

Diversified miner South32 has again issued a warning about cost pressures, saying it expects raw material input prices to rise across the industry.

Australian shares have see-sawed in a narrow range in listless early trading, as investors cautiously scout for cues on the market's direction.

The Australian dollar has surged nearly half a cent is back above 76 US cents after the US dollar, along with Wall Street equities, fell following disappointing US durable goods data and the Federal Reserve chief's dovish commentary.

Oil has pared gains after US crude stockpiles fell less than an industry group's expectations, but remained near a two-year high as the shutdown of one of the largest crude pipelines from Canada cut supply to the United States.

Gold prices have risen amid a falling US dollar on technical factors and weak US economic data.

Speculation about the launch of global retail giant Amazon in Australia is growing following the leak of a company email suggesting it could happen as soon as this week.

Construction work has spiked for a second straight quarter, far outpacing market expectations, but economists suggest the numbers could flatter to deceive.

The Australian share market has closed higher as stronger commodity prices boosted energy and mining stocks.

Australian shares have opened stronger thanks to a lift in some commodity prices and fresh gains on Wall Street overnight.