Oil prices were up more than 2 per cent overnight on steep OPEC production cuts, with its de-facto leader Saudi Arabia planning to drop March crude output by more than a half a million barrels per day below its initial pledge.
Gold prices edged higher overnight, buoyed by a slight retreat in the US dollar amid optimism about a potential resolution of the US-China trade conflict.
Wall Street has rallied as investors were heartened by a tentative congressional spending deal to avoid another partial federal government shutdown and by optimism surrounding US-China trade negotiations.
AusGroup's LNG contract with Chevron in Western Australia has been extended, while CPB Contractors has been awarded packages for Australia Pacific LNG in Queensland.
Gold prices fell overnight as investors preferred the safety of the US dollar in the face of mounting concerns that the US-China trade dispute could slow global growth.
Wall Street has see-sawed, rarely straying far from opening levels as investors eyed ongoing US-China trade talks, potential congressional gridlock and a diminished 2019 earnings outlook.
Australian stocks have slipped into negative territory as a strong performance by the big miners was unable to make up for losses in shares of the major banks.
The benchmark S&P 500 index and the Nasdaq edged upward to snap a two-day losing streak on Friday as positive corporate results offset lingering scepticism over the United States and China reaching a trade deal before the March 1 deadline.
Oil futures edged higher on Friday but ended the week with a loss on renewed concerns about slowing global demand and after the US dollar posted its best week in six months.
Gold rose on Friday as a gloomy global economic outlook dented risk appetite, but a firm US dollar stemmed bullion's advance and kept the metal on track for its first weekly decline in three.
The Reserve Bank of Australia has revised down its economic forecasts as expected, but the Australian dollar has plunged again after the central bank surprised the market with the scale of its revisions.
Gold prices rose overnight on concerns that the US-China trade war may stretch beyond a March 1 deal deadline and the potential effect it could have on global growth, although gains were capped by a strengthening US dollar.
Wall Street stocks have sunk as worries that the United States and China would not be able to reach a trade deal increased concerns about slowing global economic growth.
Oil prices rose about 1 per cent overnight, boosted by signs of strong US demand for distillate products and tightening global crude supply, but gains were capped by a rising US dollar and ongoing concerns about a global economic slowdown.
Gold eased overnight on a firmer US dollar as investors waited for signs of resolution in US-China trade talks, while keeping an eye on the Federal Reserve's monetary policy.
Australian shares have strayed into positive territory at midday as mining shares picked up the slack while the major banks lost some of their gains of the previous day.
