Oil prices have risen above $US61 a barrel after the head of the US Federal Reserve said the central bank will act "as appropriate" to sustain an economic expansion in the world's biggest economy that has been pressured by uncertainty over global trade.
Gold has fallen one per cent as upbeat remarks from Federal Reserve Chair Jerome Powell and improved risk appetite offset a weaker-than-expected US nonfarm payrolls report.
Australian shares have gained for a second day on the back of optimism that trade tensions could be easing, with tech stocks the standout performers as investors regain their appetite for risk.
Oil prices are little changed as support from a sharp drawdown in US crude inventories was countered by fears of slowing global demand growth amid doubts over resolving the US-China trade feud.
Gold has slumped more than 2.0 per cent and silver fell over 4.0 per cent as stronger-than-expected US economic data and hopes of a thaw in the US-China trade war boosted Treasury yields and soothed fears of an economic slowdown, driving riskier assets higher.
Oil prices have risen by more than 4.0 per cent, boosted by a wider market pickup on positive news from China, after three days of losses due to fears about a weakening global economy.
The Australian share market has trimmed its losses late in the session but still finished the day lower, while the Aussie dollar has touched its highest point in more than a week.
Oil prices fell overnight, with US crude futures down 2.0 per cent after manufacturing data raised concerns about a weakening global economy while the US-China trade dispute continued to drag on investor sentiment.
Gold rose more than 1.0 per cent overnight after weak manufacturing data from the United States reinforced fears of an economic downturn while uncertainties over US-China trade ties and Brexit further boosted bullion's safe-haven appeal.
Australian construction company Probuild has announced the appointment of Adam Barker as managing director for its Western Australian operations, while Sam Delmenico will move into a new role interstate.
Oil prices weakened overnight after new import tariffs imposed by the United States and China came into force, raising concerns about a further hit to global economic growth and demand for crude.
Gold rose slightly overnight after the United States and China imposed new tariffs, as expected, on each others' goods but a firmer US dollar limited gains.
Oil futures fell on Friday, with US crude down nearly 3.0 per cent ahead of a hurricane near the Florida coast that could dampen demand but prices were still headed for the biggest weekly increase since early July, boosted by an easing of US-China trade rhetoric.
Gold prices fell on Friday on a slight recovery in equities markets and Treasury yields but was on track for a fourth-straight monthly gain as fears of a global recession and uncertainty on US-China trade relations drove investors to safe havens.
US oil futures rose 1.7 per cent overnight, lifted by a deep draw on US crude inventories, especially at the benchmark's delivery hub due to increased demand with the start-up of two new West Texas pipelines.
Gold fell overnight as the US dollar rose and stock markets gained confidence with the latest positive development in the US-China trade deal but concerns over decelerating global economy kept prices hemmed near a multi-year peak.
The state government is to launch its long-awaited Asian engagement strategy today, with a broad conceptual push to align the regional trade with other key policies as well as a starting offer of up to $10,000 for 25 businesses to increase their capacity to win business in the neighbourhood.
