Crude futures have steadied late in the session, following the stock market slightly higher, after earlier swinging lower on a weakening oil demand outlook.
Gold prices have eased after their biggest daily gain in more than two years, coming under pressure as the US dollar climbed and global stocks rebounded from a six-day rout.
Wall Street indexes continued their slide in a volatile session as investors worried about rising interest rates and braced for a trade war hit to corporate earnings.
Oil prices have slumped to more than two-week lows as global stock markets fall, with investor sentiment made more bearish by a bigger-than-expected build in US crude inventories.
Gold prices have jumped over two per cent to more than a two-month high as tumbling global stock markets sent investors rushed to the safe-haven asset.
A host of WA gold miners including Evolution Mining, Saracen Mineral Holdings and Regis Resources registered strong gains today, as the broader market suffered its second worst day of the year.
US stocks have tumbled, with the S&P 500 and the Dow marking their biggest daily declines since February 8 and technology stocks were at the centre of the carnage as rising US Treasury yields sent investors fleeing from risky assets.
Oil prices dropped two per cent overnight as US equity markets broadly fell, even though energy traders worried about shrinking Iranian supply from US sanctions and kept an eye on Hurricane Michael, which closed some US Gulf of Mexico oil output.
A surprising turnaround has seen the Australian market finish the day higher on the back of healthcare and telco stocks as the financial sector shrugged off leftover jitters from Wall Street.
Healthcare, Telstra and commodity-based shares are doing their best to lift the Australian market after a flat opening, but lingering unease from Wall Street, and losses for the big banks, have prevented significant gains.
Oil prices have risen about one per cent on growing evidence of falling Iranian crude exports before the imposition of new US sanctions, as well as a partial production shutdown in the Gulf of Mexico because of Hurricane Michael.
The S&P 500 and the Nasdaq have risen on Tuesday, boosted by a rebound in technology stocks, but gains, including on the blue-chip Dow Jones Industrial Average, were kept in check by concerns on slowing global growth.
Australian stocks have put in another weak performance as healthcare and other global sectors caused the ASX to lag, hovering just above 6000 percentage points at the close for the second day.
A global sell-off has pushed Australian shares lower again at the open, with healthcare and energy shares dragging on the market, and the banks and miners flat.
US stock indexes were lower on Monday, pressured by a drop in technology and energy companies and muted appetite for equities after last week's spike in Treasury yields following healthy economic data.
Oil prices almost fully recovered from a sharp drop overnight, paring losses as investors bet China's economic stimulus moves would lift crude demand in the world's number two economy.
Gold fell to its lowest level in a week overnight as investors sought safety in the US dollar on concerns about a selloff in global stocks worsened by worries over economic growth in China.
The Chamber of Minerals and Energy of WA has appointed Edgar Basto as its acting president following the departure of Woodside executive and CME president Jeroen Buren.
Tumbling overseas markets - combined with weaker metals and oil prices, and pending scrutiny for the big banks - have given Australian shares a whack at the open, while the Aussie dollar remains at near two-and-a-half year lows in the face of a strong greenback.
