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Oil prices have fallen about one per cent and notched a weekly loss of over six per cent, as investors worried about oversupply after the United States said it will temporarily spare eight jurisdictions from Iran-related sanctions.

Gold has slipped as the US dollar regained some ground on the back of strong American jobs data, putting the metal on track for its first weekly loss in five weeks.

A late rally from mining and health care stocks has lifted the Australian share market into the black despite energy shares and the big four banks dragging on the index.

Australian shares have fallen at the open despite overnight gains on Wall Street, with energy stocks slipping on falling oil prices, and the financial sector also dragging on the bourse.

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Oil has fallen nearly 3.0 per cent, with US crude futures hitting lows not seen since April, due to growing concerns that global demand is weakening at a time when output from the world's major oil producers is surging.

US stocks have risen for a third straight session as President Donald Trump said trade talks with China were "moving along nicely," reviving hopes that the two countries can resolve their trade dispute.

Gold rose nearly 2.0 per cent overnight, bouncing off a three-week low touched in the previous session as the dollar fell sharply from recent highs, making the metal cheaper for holders of other currencies.

On the first day of November the Australian share market drew inspiration from the spring carnival - it jumped, fell behind but sensed the winning post and surged clear to close higher, lifted by banking and mining stocks.

BHP shares have jumped more than 4 per cent after the mining giant said it would return $US10.4 billion ($A14.7 billion) to shareholders in the form of an off-market buyback and special dividend.

Australian shares are ahead at the open following overnight gains on Wall Street and a five per cent surge in BHP after the mining giant announced it would return $14.7 billion to shareholders.

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Gold has fallen to a near three-week low as the US dollar scaled a 16-month peak and a stock market rebound stirred renewed appetite for riskier

Oil prices have fallen and posted the worst monthly performance since mid-2016 on evidence of rising global crude supply, but losses were limited by signs of strong US demand for fuel.

A late surge from heavyweight banking, mining and energy stocks has pulled the Australian share market higher on a choppy trading day.

Two major organisations have recently honoured successful Western Australians, with the Australian Institute of Company Directors presenting exellence awards to Wayne Osborn and Erica Smyth, while Curtin University has recognised the achievements of two former 40under40 winners.

iiNet founder and 40under40 winner Michael Malone has been appointed chair of ASX-listed satellite company Sky and Space Global (SAS).

Financial and energy stocks got a jump at the open, but miners and healthcare shares were holding the Australian market back during choppy early trade.

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Perth land developers LWP Property Group and PRM Property Group have announced a merger, with the combined group to have four equal shareholders.

Oil prices have dropped more than one per cent on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the US-China trade war.

Gold prices have fallen as concerns about a further escalation of the US-China trade war boosted the US dollar, eroding bullion's appeal as it tested a key technical support.

The Australian share market has ended more than one per cent higher amid volatile trade that saw shares decline early on fears of escalating trade tensions between the US and China before recovering.

The Australian share market has slumped at the open, with the banks one of the few sectors in the green, after volatile Wall Street trade heralded the resumption of a red October.

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Oil prices have edged lower, with futures on track for the worst monthly performance since mid-2016, after Russia signalled that output will remain high and as concern over the global economy fuelled worries about demand for crude.

Gold has eased, sliding off a more than three-month peak in the previous session, pressured by a strong dollar and as investors returned to riskier assets following a recent sell-off in global stocks.

US stocks have fallen in a volatile session, with the S&P 500 ending just shy of confirming its second correction of 2018, hurt by fresh worries of an escalation of US-China trade tensions and a sharp drop in big tech and Internet names.

The future of the Perth Cultural Centre’s Picabar has been placed in doubt, after its operators disclosed their lease had been terminated by the state government, which has transferred management of the precinct to the Perth Theatre Trust.

A rally from the healthcare and materials sectors has pushed the Australian share market to a higher close despite weakness in overseas markets.

Art Gallery of WA chair Janet Holmes a Court has gone head to head with Perron Group over the planned relocation of an artwork in the foyer of the Central Park office tower.

The Australian share market has defied predictions of doom and gloom to climb at the start of a new trading week, with the heavyweight mining and banking sectors eking out early gains and healthcare stocks up by nearly three per cent.