AAP

Oil prices have settled up about two per cent, hitting their highest since June, after the fifth unexpected weekly drawdown in US crude inventories added to support on hopes that major producers will agree to cut output next month.

The share market recovered some of its early falls but still closed in negative territory as sentiment remained subdued on strengthened expectations of a rate hike by the US Federal Reserve.

One Nation Senator Rod Culleton has again failed in his bid to challenge a three-year-old court judgment ordering him to pay $205,000 in damages to former Wesfarmers director Dick Lester.

ANZ Banking Group has pledged to consider cutting credit card rates and stopping its millions of dollars in political donations, as its boss apologised for failing customers.

South African retailer Woolworths Holdings, the owner of David Jones and Country Road, is set to add Politix, another Australian brand, to its mix.

The Australian share market has opened lower

The Australian dollar is half a cent lower against its US counterpart after risk sentiment soured on the back of a report saying the European Central Bank would taper its bond buying program.

Oil has settled slightly lower in choppy trade as a surging US dollar and anticipation of higher US crude stockpiles offset optimism about planned OPEC output cuts that initially took Brent to four-month highs.

Gold has slumped more than three per cent, reaching its lowest price since Britain's shock vote to leave the European Union in June, as the US dollar has rallied after upbeat US data.

The Australian share market has rebounded to finish slightly higher after the Reserve Bank held the cash rate at 1.5 per cent.

Commonwealth Bank of Australia boss Ian Narev would be the first to admit his bank could improve in some areas, but he has told a parliamentary committee the bank was doing better at listening to customers and was committed to efficient redress.

Mining giants Rio Tinto and BHP Billiton say they have no intention of taking up the state government's offer to change how they pay the controversial iron ore lease rental that Nationals WA leader Brendon Grylls wants to hike.

New Reserve Bank governor Philip Lowe kept a steady hand at the tiller using his first monthly board meeting to leave the cash rate at record low 1.5 per cent.

A lack of clear information in Australian broadband advertising is contributing toward unrealistic expectations of internet speed, the chairman of the consumer watchdog says.

Netflix rival Presto will close at the end of January after Seven West Media agreed to sell its 50 per cent stake in the streaming service to co-owner Foxtel.

The Australian share market is lower, reflecting the weakness in global markets overnight and nervousness by investors ahead of the Reserve Bank's decision on local rates.

US stock investors have had a weak start to the fourth quarter, with financials, consumer staples and utilities pulling the S&P 500 lower.

Oil has risen more than one per-cent, with Brent settling above $USUS50 a barrel the first time since August and US crude hitting three-month highs, after Iran exhorted the need for other oil producers to join OPEC in supporting the market.

Gold prices have slipped as the US dollar gained on stronger-than-expected US manufacturing data and investors awaited jobs data later this week for clues about whether US interest rates would rise by the year-end.

The Australian dollar is slightly higher against the US dollar on increased risk appetite, with the Reserve Bank of Australia widely expected to keep the cash rate on hold later on Tuesday.

Strong gains among financial and energy stocks have driven the share market higher despite lower trading volumes as most states break for a public holiday.

Woolworths has completed the sale of its profitable Home Timber and Hardware franchise as part of its $1.5 billion exit from the home improvement sector.

National Australia Bank has completed the sale of 80 per cent of its life insurance business to Nippon Life, and expects a loss of between $1.2 billion and $1.3 billion on the deal.

Perth's ‘Taj Mahal on the Swan’, the unfinished, derelict mansion owned by Pankaj and Rhadika Oswal, is finally being demolished. CLICK THROUGH TO SEE MORE PHOTOS.

The Australian share market has opened higher.

Gold prices have fallen in volatile trading as safe-haven demand dwindled after stocks in major markets largely recovered from a sell-off on easing concerns about Deutsche Bank.

Oil prices are higher after settling mixed while posting their second straight monthly gain on OPEC's planned output cuts, even as scepticism about the cartel's pledge grew after data suggested another record high in its production.

The Australian dollar is higher against the US dollar as global appetite lifts risk currencies against the greenback.

The share market has ended the week with a fall, hurt by financial and resources stocks amid concerns about Deutsche Bank's future and the possible implications of its financial woes.

The former chief executive of a Western Australian shire, who stole almost $600,000 over four years and gambled it away, has been jailed for four-and-a-half years.

A company has been fined $110,000 over the death of a worker at a mine in Western Australia's East Pilbara region.

Struggling retailer Woolworths is considering offloading its petrol stations, not long after striking deals to rid itself of its loss-making hardware business.