il futures have risen, steadying after the week's steep losses as fuel stockpile declines in the United States helped offset concerns about a potentially oversupplied market next year.
Gold hit a near one-week peak as investors sought cover from market turmoil after Britain's long-awaited draft agreement to leave the European Union was thrown into chaos, helping the metal hold its ground against a rising dollar.
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Oil has bounced nearly two per cent, recouping some of the previous session's heavy sell-off, on the growing prospect that the Organisation of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up the market.
Gold rose one per cent overnight, helped by a slight retreat in the dollar following a rally and as some investors covered their short positions after the metal held the key $US1,200 level.
Wall Street stocks have declined, with the S&P 500 notching a fifth straight day of losses as financial stocks were hit by fears that regulations on the banking industry would tighten once the Democratic Party takes control of the US House of Representatives.
Wages growth in Western Australia is lagging the country, with ABS data showing the state's wages increased just 1.6 per cent year on year, compared with a national increase of 2.3 per cent.
The state government has confirmed it will use an estimated $1.7 billion GST windfall to pay down its debts, after the legislation cleared federal parliament today.
Oil's price slide has accelerated, with US futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.
Gold shook off earlier losses to move back above the key $US1,200-per-ounce level, benefiting from a slight retreat in the dollar after a rally driven by the US interest rate outlook and Brexit talks.
The commissioners running the City of Perth have appointed an acting chief executive, with local government consultant Murray Jorgensen set to take the reins.
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US crude prices turned negative as President Donald Trump said he hoped there would be no oil output reductions, after Saudi Arabia said OPEC was considering cutting supply next year, citing softening demand.
Wall Street's major indexes declined, with the S&P 500 weighed by technology and financial stocks as shares of Apple and Goldman Sachs came under pressure.
Gold slid to its lowest level in a month overnight as the dollar rose to 16-month highs, boosted by the US Federal Reserve's hawkish interest rate policy and political uncertainty in Europe.
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Oil prices have fallen nearly a percentage point as global supply increased and investors worried demand growth could slow, pressuring US crude to its longest stretch of daily declines since 1984.
Gold has fallen by more than a percentage point to a one-month low as the US dollar strengthened after the Federal Reserve reaffirmed its monetary tightening stance, seen as a negative for non-yielding bullion.
Gold has eased to a one-week low on a stronger dollar, after the Federal Reserve held interest rates steady and was seen on track for further rate hikes.
The S&P 500 and Nasdaq closed slightly lower after a US Federal Reserve statement, and energy stocks were the biggest drag on the S&P as US crude oil prices fell.
Oil prices fell nearly 2.0 per cent overnight as investors focused on swelling global crude supply, which is increasing more quickly than many had expected.
Gold pared some gains overnight but held firm as the dollar slid after the US midterm elections delivered a split Congress and as investors looked ahead to a Federal Reserve meeting for signals on future interest rate hikes.
Wall Street is set for a modestly firmer open on Wednesday and global stocks rose after significant US election gains for the opposition Democrats, but the outcome may rule out further tax cuts, sending the dollar and Treasury yields sharply lower.
