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The Australian share market has opened lower as investors await a meeting between the US and Chinese leaders at the G20 summit in Japan.

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Oil prices edged higher overnight on expectations that OPEC will extend an output cut agreement while investors awaited a meeting between the United States and China that could produce a breakthrough on trade talks.

Gold steadied overnight as investors looked for further cues from trade talks between the United States and China, which bolstered risk appetite and lifted the US dollar but the metal held on to support around the key $US1,400 per ounce pivot.

The Australian share market has rebounded from early losses to close higher, driven by gains in the price of iron ore and oil.

A $55 million development in West Leederville and a $27 million development in Mount Lawley have been approved this past week, with more than one hundred residential spaces to be completed in Perth's north within in the next three years.

Australia's big banks have another challenger after South Africa's Investec announced plans to open a local branch following its successful application for a local licence.

The Australian share market has opened lower despite a positive start for the mining and energy sectors.

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Oil prices rose more than two per cent overnight and hit their highest in about a month, buoyed by US government data that showed a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise drops in refined product stockpiles.

Gold prices dipped overnight on signals the US Federal Reserve would not make too steep a cut to interest rates next month, but still held ground above the key psychological $US1,400 level.

The financial sector has dipped for the second day in a row as traders realised losses ahead of the end of the financial year.

The financial sector has dipped for the second day in a row, dragging down the overall Australian share market in early trade.

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Oil prices were mixed ovenright ahead of data expected to show US crude stocks declining, outweighing investors' concerns that US-China trade tensions could dampen fuel demand.

Gold prices retreated from a six-year high overnight after comments from US Federal Reserve officials trimmed expectations that the central bank will lower interest rates by half a percentage point next month.

The Australian share market has closed marginally lower following a seesaw session.

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Oil prices were mixed overnight as market concerns about the possibility of a conflict between the United States and Iran eased while worries about declining crude demand resurfaced.

Gold prices rose more than one per cent overnight to a near six-year peak as the US dollar fell, with safe-haven bullion also boosted by US President Donald Trump's announcement to impose fresh sanctions on Iran.

The Australian share market has closed higher as the heavyweight mining and financial sectors shrugged off their morning losses.

Scott Morrison vowed to roll back regulation, pass tax reform and fight militant unions in his first major economic speech since the LNP's surprise election victory this past month.

The Australian share market has opened lower, with every sector except materials and telecommunications slipping into the red.

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Oil futures rose about one per cent on Friday, with US crude up 10 per cent and global benchmark Brent gaining 5 per cent in the week, on fears the United States could attack Iran and disrupt flows from the Middle East - an area which provides more than a fifth of the world's oil output.

Gold prices surpassed $US1,400 on Friday before retreating, still holding near a six-year high on the US central bank's dovish stance on monetary policy.

The Australian share market has closed lower for the first time in three days, with all sectors in the red except for energy and mining stocks.

The Australian share market has opened flat despite gains on Wall Street overnight.

Gold prices surged to a near six-year peak overnight after the US Federal Reserve bank signalled it was ready to cut interest rates as early as next month to boost growth, triggering a sharp fall in the US dollar.

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Oil soared more than five per cent overnight after Iran's army shot down a US military drone, raising fears of a military confrontation between the two countries.

The Australian share market has closed higher for a third day, with gains in most sectors and gold miners a standout as the price of the precious metal jumped to a six-year high.