AAP

Oil rose to an 18-month high on Monday after OPEC and some of its rivals reached their first deal since 2001 to jointly reduce output to tackle global oversupply.

Oil rose to an 18-month high on Monday after OPEC and some of its rivals reached their first deal since 2001 to jointly reduce output to tackle global oversupply.

Gold prices sank to their lowest in more than 10 months on Monday, hit by expectations of an increase in US interest rates this week that have boosted US Treasury yields.

The Australian dollar is stronger against the US dollar following another rise in iron ore prices and the greenback's overall retreat.

The Australian share market has surrendered most of its early gains to close almost flat in the wake of positive leads from US and European markets and the decision by global oil producers to limit production lifts the energy sector.

Colin Barnett says the federal government should provide more funding to the state for major infrastructure projects to stem the economic slowdown that has hit since the mining boom ended.

The administrators appointed to Howards Storage World, which has four franchise stores in Perth, say it is too early to identify the reasons for the retailer's financial troubles.

Federal Attorney General George Brandis says he is unaware of any fresh action planned by the Western Australian government to bring the long-running Bell Group litigation to an end.

An agreement unveiled yesterday between Perth Airport, Qantas and the state government will pave the way for direct Perth-to-London flights in 2018, but the tourism industry is concerned the federal government will not provide adequate Border Force staff.

The Australian share market has opened higher following news of oil production cuts and positive leads from equity markets in the US and Europe.

The Australian dollar is trading slightly lower against its US counterpart, which has continued to gain against major currencies.

Gold edged lower on Friday and was headed for a fifth straight weekly decline, weighed down by a stronger U.S. dollar and expectations of a Federal Reserve rate hike next week.

Oil prices rose about one per cent on Friday on hopes that non-OPEC producers meeting in Vienna over the weekend would agree to output restrictions following limits OPEC announced last week to curb an oil glut.

The share market has posted a fourth straight day of gains to hit its highest level since late August.

After originally blocking the sale of land and cattle empire S Kidman & Co to Chinese buyers, Treasurer Scott Morrison has approved a joint bid with mining magnate Gina Rinehart and her Chinese partners.

The Australian share market has kicked off flat on Friday after gaining 2.6 per cent over the past three trading sessions, despite record highs on Wall Street.

The Australian dollar has slipped against its US counterpart with the greenback rising after the European Central Bank extended its quantitative easing program by nine months.

Major US stock indexes climbed again on Thursday and set fresh record highs as a month-long rally following the presidential election of Donald Trump rolled on.

Gold retreated into the red on Thursday after the dollar rebounded on the back of a decision by the European Central Bank to extend monthly asset purchases until next December albeit at a lower monthly level.

Oil rebounded from the week's lows to close above $US50 a barrel on Thursday, on growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production.

Strong investor support for financial and mining stocks has driven a third straight day of gains and taken the market to a near four month high.

A federal court judge has cleared Woolworths of unlawfully seeking payments from suppliers to boost its bottom line, dismissing a case brought by the competition watchdog.

Mineral sands miner Iluka Resources could spend more than $290 million on ramping up production, streamlining operations and improving safety at Sierra Rutile after completing a merger with the Sierra Leone-based miner.

The Australian share market has opened broadly higher with banks and miners leading a year-end "Santa Claus rally".

Wall Street surged on Wednesday, with the S&P 500 and Dow hitting fresh record intraday highs, as equities continued their march upward after the presidential election of Donald Trump, even as his comments on prescription drug pricing wounded the healthcare sector.

The Australian dollar has strengthened against its US counterpart and is once again heading toward 75 US cents.

Oil prices eased overnight on bearish US petroleum inventory data and doubts that production cuts promised by OPEC and Russia would be deep enough to end a supply overhang that has weighed on markets for more than two years.

Gold rose further from this week's 10-month low overnight as the US dollar eased against the euro ahead of a European Central Bank meeting, and on the view that a US rate rise next week was already reflected in prices.

The share market closed nearly 1 per cent higher, boosted by a positive session on Wall Street and confidence the resources sector will continue to improve.

TPG Telecom has reaffirmed its annual earnings guidance in a bid to ease investor concerns, a week after rival Vocus Communications spooked the market with its worst-than-expected earnings update.

A perfect storm has pushed Australia's economy halfway to recession, but economists are optimistic about a year-end rebound.

Mineral sands miner Iluka Resources has revived its $375 million takeover of Sierra Rutile, a week after the deal fell under a cloud due to geotechnical risks at the target's tailings dams.