AAP

Oil prices have sunk three per cent to a three-week low as an increase in Libyan output helped boost monthly OPEC crude production for the first time this year.

The share market has endured its worst month since January 2016, due to significant falls by the major banks and weaker iron ore prices.

The ASX has opened 6.6 points, or 0.1 per cent, higher to 5724.5 points this morning.

US stocks have inched lower, with the S&P 500 retreating slightly from a record, as weakness in the energy and financial sectors outweighed gains in technology shares.

Oil prices fell about one per cent on signs of resurgent crude output in Libya and concerns that extended production cuts by leading exporting countries may not be enough to drain a global glut that has depressed prices for almost three years.

Gold prices eased after hitting a one month high on Tuesday as economic data from the United States showed increased signs that the Federal Reserve would raise interest rates next month.

The share market has gained ground after bargain hunters helped drive a rebound in financial stocks.

Payday lender Cash Converters is overhauling its management as it works to improve lending practices and arrest a sharp slide in its share price.

Premier Mark McGowan has refused to reiterate his election promise made three months ago of no new taxes or tax increases, instead deflecting the issue by saying the state is in a "catastrophic" financial mess.

Poultry giant Ingham’s will continue to be Woolworths' main chicken meat supplier after the pair extended their national agreement.

The Australian share market has started the day marginally weaker, with no lead from US or British markets closed for public holidays.

The Australian dollar is higher against its US counterpart which also had ranged sideways with little data to direct it and traders in the US and Britain away for public holidays.

Oil prices have risen slightly, barely paring last week's steep losses with the market remaining cautious as increases in US drilling activity have undercut an OPEC-led push to tighten supply.

Gold has held near its highest in a month in holiday-thinned trade, with a softer US dollar and a retreat in stock markets helping the metal cling on to the previous session's gains.

A slide in banking stocks has driven the Australian share market to its lowest level since March as investor nervousness about regulatory activity weighs on financial stocks.

Plastic bags are being shunned by councils in Western Australia, which are making the most of Premier Mark McGowan's support for local governments to ban the bag. 

The Australian share market has started on a weaker note as investors brace for a slew of local and international economic data this week.

The Australian dollar is a little higher against its US counterpart as the US dollar lifted amid better-than-expected American gross domestic product figures and rebounding oil prices.

Oil prices have rebounded, rising more than one per cent, but Brent crude ended the week nearly three per cent lower after an OPEC-led decision to extend production curbs did not go as far as many investors had hoped.

Gold has risen to its highest in nearly four weeks as political uncertainty led investors to favour bullion over assets considered riskier such as stocks.

Big companies are bullying smaller businesses in Western Australia, with more than half reporting they're not being paid on time, according to a new report.

Steep losses from the heavyweight mining, banks and telco sectors have led the Australian share market lower.

Australia's competition regulator will allow non-NBN high-speed internet providers to pass on federal government's proposed $7-a-month levy for regional services to customers.

Shareholders in failed consumer electronics retailer Dick Smith are a step closer to taking class action against the business on the grounds they were misled about the company's profitability.

The Australian market has settled lower in early trade as a slide in global oil prices overnight weighed on investor sentiment, sending the indices lower.

The Australian dollar is sharply lower against its US counterpart as the oil price plunges five per cent and the US dollar rebounds.

Oil prices have tumbled five per cent as the extension of output curbs by OPEC and other producing countries disappoints investors who had hoped for larger cuts, leading to the biggest daily percentage slide in crude prices since early March.

Gold prices have eased as the dollar came off its lows and world stock markets scaled fresh highs.

The share market has gained ground as strength in the mining and energy sectors outweighed falls by retailers, while the Australian dollar returned to a three week high.

Tourism WA will open shop again in Sydney after nearly seven years as part of moves to boost the industry's contribution to the sluggish state economy.

The company operating Topshop's Australian stores has entered voluntary administration, becoming the latest in a list of retailers to stumble amid sluggish consumer spending.

The Australian share market has opened lower as selling has resumed across the heavyweight financial sector.