Oil prices fell about 1 per cent overnight as Middle East tensions eased and investors turned their focus to lackluster seasonal demand following last week's bearish US report showing a large fuel stockbuilds.
The federal government has announced a $50 million emergency fund to address the loss of wildlife during the nation’s bushfire season, as more Australian businesses have pledged millions in combined donations.
Oil fell below $US65 a barrel overnight in its first weekly loss since late November, erasing the week's risk premium added since a US drone strike killed a top Iranian general as investors focused on rising US inventories and other signs of ample supply.
Gold edged higher overnight, and was on track to post a weekly gain for fifth straight week, as fresh sanctions on Iran by the United States stoked uncertainty supporting demand for the bullion.
Toyota, Mazda and Suzuki are the latest manufacturers to voluntarily recall cars with the potentially deadly Takata NADI 5-AT airbags, and are offering to buy the vehicles back.
The Eyre Highway, the only sealed road linking South Australia and Western Australia, has reopened after it was closed for nearly two weeks due to bushfires.
The Australian share market has broken through its all-time high, with the health care and consumer staples sectors the best performers during morning trade.
Oil prices retreated further overnight, adding to sharp losses in the previous session as the market shifted focus toward rising US crude stocks and away from worries about the conflict between the United States and Iran.
Andrew and Nicola Forrest's Minderoo Foundation has committed $70 million to Australia's bushfire response, far exceeding the contributions made by big companies across the country.
Australia's trade surplus widened to $5.8 billion in November, with the 42 per cent increase fuelled by higher mining exports and a likely weakening of domestic demand.
The West African nation of Senegal has authorised its first oil development, the $US4.2 billion Sangomar offshore oil project, operator Woodside Petroleum has announced.
Zinc prices overnight hit the highest point in nearly eight weeks as fears of further Iran-US military escalation eased, while concerns about short-term supplies of the metal, mainly used for galvanising steel, increased.
Oil futures fell more than four per cent overnight in a wild swing, soaring close to a four-month high in early trade on an Iranian rocket attack on US forces in Iraq before retreating as the countries ratcheted back tensions.
Gold shed more than one per cent overnight after vaulting above the $US1,600 level for the first time in nearly seven years after US President Donald Trump's comments eased fears of a larger conflict with Iran.
The Western Roads Federation has called for truckies to be included in the federal goverment's business assistance package, as it emerged today the two-week closure of the Eyre Highway would continue after bushfires were upgraded to emergency level.
The Australian share market has bounced back from its sharp morning losses as it become apparent that an Iranian missile attack on US forces in Iraq had not caused casualties.
Caltex Australia says it has been approached by a number of parties about a potential acquisition, but so far the only formal takeover offer it has received is the one made in November by a Canadian retail chain.
Oil prices fell almost one per cent overnight, surrendering some recent gains as investors reconsidered the likelihood of immediate supply disruptions in the Middle East after the United States killed an Iranian military commander last week.
Gold prices inched higher overnight, having earlier retreated from the previous session's almost seven-year high as fears of a larger Middle East conflict following the US killing of a top Iranian general eased.
