AAP

Australian stocks are trading lower, bucking three straight days of gains and a modestly positive finish on Wall Street.

The Australian dollar is hardly changed against its US counterpart as stronger-than-expected US economic growth figures supported the greenback.

Oil prices have jumped for a third day, lifting to their highest in three weeks after Kuwait backed an extension of OPEC production cuts to reduce a global glut.

Gold has dipped as the US dollar has strengthened, but losses were capped by continuing economic uncertainty around Britain's departure from the European Union and approaching French elections.

A third straight day of gains is taking the All Ordinaries index closer to a nine year high of 6,000 points, as investors continue to react to the failure of US President Donald Trump's healthcare reforms.

Clive Palmer's Mineralogy has again failed in its long-running court battle with its estranged Chinese joint-venture partner over the Cape Preston port in the Pilbara.

Water is being pumped out of a disused iron ore mine on a Western Australian island after pit walls slumped, sparking fears it could collapse and contaminate the ocean on the other side.

Australian stocks have edged higher in early trade on the back of a mixed finish in Wall Street, where energy stocks rose, and after rallying to a near two-year high in the previous session.

The Australian dollar is higher against its US counterpart despite the greenback finding support from promises of further Federal Reserve interest rate rises in 2017.

Oil prices are up more than 2 per cent as US crude inventories grew less than expected, supply disruptions continued in Libya and the OPEC-led output cut by producing countries looked likely to be extended.

Gold has edged up, hovering below Monday's one-month high as uncertainty about Brexit talks, French elections and US president Donald Trump's economic policies boosted safe-haven buying and offset a firmer US dollar.

The share market is close to a two-year high after demand for the big four banks, energy producers and miners drove a second straight day of strong gains.

The construction union and some of its key leaders have been fined $242,000 for blocking work on the $80 million Perth International Airport expansion.

The Australian share market has continued higher in early trade, with local investors taking cues from overnight gains on Wall Street.

The Australian dollar has outperformed and retraced lost ground, lifting against its US counterpart, the yen and the euro.

Oil prices has risen as much as 2 per cent after a severe disruption to Libyan oil supplies and as officials suggested OPEC and other producing countries could extend an output cuts deal to the end of the year.

Gold prices have turned lower, after nearing the prior session's one-month high, as the US dollar, Treasury yields and stock markets extend gains.

The share market's benchmark index has risen more than 1.3 per cent to its highest closing level of 2017 as investors put aside their anxieties over US President Donald Trump's ability to implement his agenda.

New Liberal Party WA leader Mike Nahan has written to Bill Shorten asking for his commitment to a GST floor, saying the federal Labor leader cannot be a spectator on the issue.

Myer says it has received no approach from prospective buyers following the huge buy-up that sent the department store operator's shares surging by almost 20 per cent yesterday afternoon.

Western Force chairman Tony Howarth says the club's efforts to succeed have been undermined by Australian rugby powers.

Australian shares have risen with calm returning to global markets after investors took profits following renewed pessimism about US President Donald Trump's ability to implement his agenda.

The Australian dollar is lower against its US counterpart even though the US dollar slid to a near our-month low against a basket of currencies.

Oil has resumed its slide as investors remain uncertain whether producing nations will extend an OPEC-led output cut beyond the end of June in an effort to reduce a global glut of crude.

Gold has rallied more than 1 per cent after US President Donald Trump's failure to push through a healthcare reform package raises questions over his ability to deliver promised tax cuts and spending plans.

Shares in Myer rose nearly 20 per cent during late trading on the Australian share market today on speculation that someone may be considering a takeover play for the department store operator.

The Australian share market has closed lower after losses from the major miners offset a recovery in energy, banks and utility companies.

Engineering and infrastructure firm RCR Tomlinson has won its second contract within a month to design and build a solar energy farm.

Labor's chances of securing a working majority in Western Australia's Legislative Council have foundered after Liberal MP Simon O'Brien ruled out taking on the role of president .

Perth-based miner South32 is launching a $US500 million ($A655 million) on-market share buyback as the BHP Billiton spin-off continues to benefit from the recovery in commodity prices.

Australian shares have fallen on profit-taking amid light trade, mixed international markets and little economic data.

The Australian dollar is flat against its US counterpart which has fallen slightly against a basket of currencies.