AAP

Oil prices hit their highest levels so far this year on Wednesday on the back of US winter weather and more turmoil in oil exporters Venezuela, South Sudan and Nigeria.

The share market has closed slightly higher but gave away most of its earlier gains as investors took profits late in the session.

Royal Dutch Shell has reportedly sold its downstream assets in Australia, including petrol stations and its Geelong refinery.

The Australian sharemarket has opened higher amid another round of corporate earnings results and strong international leads.

Oil and gas producer Woodside Petroleum has recorded a 41.4 per cent fall in full year net profit to $US1.75 billion ($A1.94 billion).

US stocks have closed mostly higher as investors weighed mixed company news and an unexpected slump in home builder confidence.

US oil prices have jumped to a four-month high due to the effects of a cold winter in the US and rising concerns about stability in some key oil exporters.

The Australian dollar has fallen but weak US economic data has stopped it from dropping too low.

Coles managing director Ian McLeod is set to move to a senior role with parent company Wesfarmers after six years of overseeing massive growth in the supermarket chain.

The Australian market closed slightly higher as gains from mining giant BHP Billiton's strong profit results were dragged down by a disappointing result from Coca-Cola Amatil.

The economy is showing signs of getting stronger and that means more interest rate cuts from the central bank are unlikely.

Seven West Media is back in the black after the television, magazine and newspaper company posted a $150 million half year profit.

Alcoa of Australia has announced it will permanently close its Point Henry aluminium smelter at Geelong in August because it has "no prospect of becoming financially viable" in another blow to the nation's manufacturing sector.

The Australian sharemarket has opened higher, helped by BHP Billiton's massive profit rise.

Virgin Australia has lashed out at Treasurer Joe Hockey for calling it a "3000-pound gorilla", saying it's a "bit rich" to accuse it of being a bigger market player than Qantas.

BHP Billiton has delivered a better than expected half year profit based on cost cutting rather than commodity prices while predicting the good times to continue.

Gold and silver have hit fresh multi-month highs on the European spot market, although analysts say there are near-term risks to further gains.

The Australian dollar has lost a bit of ground in quiet overnight trade with US markets closed for the Presidents' Day public holiday.

Western Australians could go back to the polls as early as next month after the High Court could not declare who was elected to the WA Senate because of lost votes.

Businesses are hopeful that better times are ahead, but at the moment small firms in particular are facing an upward struggle.

Australian shares have finished higher, buoyed by local earnings results and offshore gains.

Voters in Western Australia will find out tomorrow whether they will go to a fresh Senate election which could determine the fate of the Abbott government's agenda.

Engineering and property services group UGL is hopeful of growing earnings in 2014 despite fielding offers for its property business.

The Australian sharemarket has opened stronger due to record Chinese credit growth, a strong lead from Wall Street and better-than-expected domestic earnings season.

Trade Minister Andrew Robb says a free trade deal with Korea will be a big boost for Australia's struggling manufacturing and agricultural sectors, with massive tariff reductions making it much easier to compete.

Freight rail operator Aurizon has suffered a 39 per cent slide in first half profit due to asset writedowns and redundancy costs.

Gold has posted the biggest weekly gain since August as signs of a faltering recovery in the US economy boosts demand for precious metals as a haven.

US stocks have surged higher this week as investors were reassured by the Federal Reserve, cheered by a congressional move to raise the debt ceiling and undeterred by disappointing economic data.

The Australian dollar is higher as the prospect of a stable interest rate outlook helps investors shrug off last week's disappointing jobs figures.

The Australian share market closed higher following a good lead from US markets and encouraging company earnings reports.

Opposition leader Bill Shorten has attempted to rebuild bridges with Western Australia's major mining identities, admitting to past Labor mistakes while touting Perth as the iron ore capital of the

Australia's largest car and truck retailer has managed a small rise in half-year profit, as changes in its road transport operations weighed on earnings.