AAP

Oil prices are more than two per cent higher amid renewed speculation that OPEC will try to restrain output, easing oversupply worries that's pressured the market to three-month lows.

State National Party MPs met at Parliament House today as former leader Brendon Grylls tried to retake the leadership from Terry Redman, claiming the Liberal/National alliance was not in a winnable position for the upcoming state election due in March.

Investor interest in energy and financial stocks drove the Australian sharemarket higher on Monday, ahead of a flurry of company results this week as earnings season gets under way in earnest.

One Nation senator Rodney Culleton is one step closer to holding on to his new job after successfully applying to the Armidale Local Court, in regional NSW, to have a larceny conviction annulled.

The Australian share market has opened higher.

The Australian dollar is weaker after a surprisingly strong US jobs report lifted the greenback.

Gold has fallen as much as 1.7 per cent, as the greenback rose after data showed that US employment increased more than expected in July, raising the probability of an interest rate hike from the Federal Reserve this year.

Crude oil prices have ended little changed as short-covering returned in late trading, after some weakness earlier in the session as the US dollar rose on robust US jobs data.

Qantas is holding off taking delivery of eight A380 superjumbos ordered more than a decade ago because they don't fit with its current plans for growth in Asia.

The share market has closed higher after a rally in prices for oil and iron ore boosted energy and mining stocks.

Virgin Australia has posted a full year net loss of $224.7 million, after taking charges related to fleet simplification and other efficiency activities.

The ASX200 index has opened 26.1 points higher at 5,501.9 this morning.

Global stock markets have risen and sterling has dipped after the Bank of England cut interest rates and revived a bond-buying program to cushion the economic blow from Britain's June 23 vote to leave the European Union.

Wall Street stocks have ended little changed as investors kept to the sidelines ahead of Friday's US payrolls report for July.

The Australian dollar could hit a one-month high after the Bank of England announced a much stronger stimulus program than expected.

National Australia Bank chief executive Andrew Thorburn will tell a parliamentary committee that his bank had to balance the needs of borrowers, savers, investors and shareholders when it decided not to pass on in full the Reserve Bank's latest rate cut.

The share market has closed modestly higher after a positive lead from US markets and a lift in the oil price which boosted energy stocks.

Downer's full-year profit has dropped 14 per cent due to a slowdown in its main mining and construction divisions and write-offs related to an unsuccessful metro rail bid.

Chemmart and Terry White chemists are set to merge into one of Australia's largest retail pharmacy chains, with an estimated turnover of $2 billion.

The Australian share market has opened strongly, with energy firms and global miners BHP Billiton and Rio Tinto leading the benchmark index back above the 5,500 mark.

Global equity prices have slipped for a third straight day due to growing nervousness about US central bank policy, even as Wall Street eked out a modest gain.

The price of gold has retreated from the three-week high set in the previous session, after a rise in the US dollar on the back of strong economic data.

The Australian dollar has held ground just above its Wednesday close but remains in a tight range against the greenback ahead of the release of local retail trade.

Oil prices have jumped more than three per cent, with US crude futures returning to above $US40 a barrel, after a larger-than-expected petrol draw offset a surprise build in crude stockpiles in the No 1 oil consumer.

The Australian share market has posted a sharp fall, hurt by weakness in all sectors, particularly financial and healthcare stocks.

Qantas and Tourism Australia have signed a $20 million, three-year deal to promote the nation to the world, marking a big step in repairing the pair's strained relationship.

Kerry Stokes' diversified media, mining equipment and energy group, Seven Group Holdings, has swung to an annual profit and is cautiously confident that trading conditions will stabilise this year.

The Australian share market has opened lower.

The Australian dollar has risen more than half a US and is back above 76 US cents.

Weak US economic data and disappointing auto sales numbers drove Wall Street down, further dragging on global equity prices after the approval of a fiscal stimulus package by Japan's cabinet failed to cheer markets.

Gold has risen to a four-week high as European and US shares fell and the US dollar hit its lowest in more than a month after last week's soft US growth data dented expectations for a near-term interest rate rise.

The price of US oil has fallen below $US40 a barrel for the first time since April as persistent worries of both a crude and refined fuel glut and a slide in US equities offset an early boost from a weak US dollar.