AAP

Oil prices have jumped after armed protesters in Libya refused to lift a months-long blockade of key oil terminals in the eastern part of the country.

The Australian dollar is slightly lower, trading in a tight range, ahead of announcements from the Australian and US central banks.

The federal government has confirmed it will fund road projects in Western Australia's resources-rich north but it remains to be seen whether a $615 million pledge for the Swan Valley Bypass will be honoured.

A group of large industrial gas users has urged Premier Colin Barnett to stand firm in insisting the Woodside-led Browse gas project is developed onshore.

Treasurer Joe Hockey is set to announce a budget deficit of just under $50 billion as he lays out a roadmap back to the black.

The Australian share market has closed lower ahead of the US Federal Reserve's last meeting for 2013.

England faces yet another massive fourth innings run chase, sitting at 4/121 and chasing 503 towards the end of day four of the third Ashes test.

Senex Energy has withdrawn its $752 million takeover offer for fellow Australian oil and gas producer AWE.

Freight rail operator Aurizon says no extra jobs will be lost as it shrinks the size of its rail fleet and finalises the termination of a Queensland project.

Wesfarmers has announced its second significant asset sale this month, with the disposal of the Australian and New Zealand underwriting operations of its insurance business to Insurance Australia Group (IAG) for about $1.85 billion.

Prime Minister Tony Abbott says there's a good chance Toyota can be convinced to keep making cars in Australia - but it won't involve government handouts.

Prime Minister Tony Abbott says there's a good chance Toyota can be convinced to keep making cars in Australia - but it won't involve government handouts.

The Australian stock market has started the week lower amid a selloff in banking and resources stocks.

Gold futures have rebounded as traders who had bet on lower prices cashed out ahead of the weekend following data showing a decline in US producer prices.

US stocks have spent most of 2013 on an upward tear but they spent most of last week in retreat.

The Australian dollar is higher, as it goes into stabilisation mode after falling 1.5 per cent last week.

Woodside Petroleum boss Peter Coleman would love to pull off a big overseas deal and set his company up for years of strong growth.

Prime Minister Tony Abbott has reached a deal with the states and territories to cut red and green tape for major projects in a bid to boost the national economy.

The Australian share market has broken a six day losing streak as bargain hunters picked up the banking and mining stocks that had fallen in value the past week.

Australians are the most generous in the world when it comes to inheritance, leaving more than half a million dollars to their children.

The two guardians of the Australian economy are about to go under the spotlight.

Toyota management, unions and state and federal governments need to work together to ensure the car maker is able to continue its local manufacturing operations, Victorian Premier Denis Napthine says.

Australian shares appear to be snapping a seven-day losing streak, led by the big banks.

US stocks have closed lower after a surprisingly good retail sales report boosted speculation that the US Federal Reserve could soon scale back its stimulus program.

Oil prices have sunk in London on the expected return of Libyan crude to the market while US prices edged higher.

The Australian dollar is at a three-and-a-half month low following strong US retail data and after the Reserve Bank of Australia governor said he wanted the dollar around 85 US cents.

Australian stocks have fallen for a sixth straight day with investors appearing to book profits after a good year and recent negative economic news.

Singapore Airlines, Etihad Airways and Air New Zealand will increase their stakes in Virgin Australia to almost 70 per cent as part of a $351.5 million capital raising.

The national unemployment rate has edged up to 5.8 per cent in November, despite the number of people in employment rising by 21,000 in the month, while Western Australia continues to maintain a much lower jobless rate.

A strategic review into the national broadband network (NBN) has recommended rolling out a mix of technologies, including fibre-to-the-premise, costing $11.5 billion more than the coalition's original forecast.

Federal coalition MPs have been told to brace for a "shocking" deficit when Treasurer Joe Hockey hands down his mid-year budget review.

Australian stocks have defied a negative lead from Wall Street to start the local session slightly higher.