Oil prices tumbled about 6.0 per cent overnight after Saudi Arabia's energy minister said the country has managed to restore oil supplies to where they stood before weekend attacks on its facilities shut 5.0 per cent of global oil output.
Gold rose overnight, propped up by expectations for an interest rate cut by the US Federal Reserve, but traded within a relatively narrow range as investors awaited further clarity on the central bank's stance on future monetary policy.
The Australian share market has recovered from a lacklustre start to post gains for a fifth straight day, with every sector up aside from mining and consumer discretionary stocks.
Oil ended nearly 15 per cent higher overnight, with Brent logging its biggest jump in more than 30 years and a record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom's production in half and intensified concerns of retaliation in the Middle East.
Gold gained 1.0 per cent overnight after attacks on oil facilities in Saudi Arabia fuelled concerns of a further escalation in Middle East tensions and pushed investors toward safe-haven assets.
The Australian share market has finished marginally higher as gains by oil companies and goldminers outweighed declines elsewhere in the wake of a drone attack on two Saudi Arabian oil facilities.
Rafael Nadal will head to Western Australia this coming January as part of the first ATP Cup, although the state will miss out on hosting the Australian team, which is set to play its preliminary games in Brisbane.
Oil prices edged lower on Friday and posted weekly losses as concerns about slower global economic growth outweighed hints of progress in the US-China trade dispute but an attack on Saudi Arabia's oil facilities on Saturday was expected to result in increased prices.
Gold prices eased on Friday, heading for a third straight weekly fall, as positive US retail sales data and hopes for a thaw in China-US trade tensions lifted equities and yields to multi-week highs.
The Australian share market has closed slightly higher, rising for a third straight day following positive US-China trade developments overnight and the resumption of quantitative easing in Europe.
Oil prices have fallen about 1.0 per cent after a media report cast doubt on the possibility of an interim US-China trade deal and as a meeting of the OPEC alliance yielded no decision on deepening crude supply cuts.
Palladium prices have hit an all-time high on concerns over tight supplies of the autocatalyst metal due to possible labour issues in South African mines, while gold shed earlier gains on fresh hints of progress in the US-China trade dispute.
Oil prices have tumbled more than 2.0 per cent after a report that US President Donald Trump weighed easing sanctions on Iran, which could boost global crude supply at a time of lingering worries about global energy demand.
Gold has risen on expectations of monetary policy easing by top central banks while global growth risks continue to linger, although improved appetite for riskier assets capped bullion's gains and kept it near a four-week low.
Oil prices edged lower overnight after US President Donald Trump fired national security adviser John Bolton, who took a strident stance against Iran, raising speculation of a return of Iranian crude exports to the market.
Oil prices rose about 2.0 per cent on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy of limiting crude output to support prices.
Gold has fallen to a more than two-week low, briefly breaking below the key $US1,500 support, as renewed risk appetite and gaining US yields outweighed support for bullion from expectations for interest rate reductions by top central banks.
