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Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while US production gains showed no sign of slowing.

Gold prices fell for a second session on Monday as the US dollar firmed and after US President Donald Trump revived hopes that he would meet North Korean leader Kim Jong Un next month, lowering political tensions and demand for gold as a safe-haven investment.

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The Australian share market has closed lower after weaker oil prices weighed heavily on the energy giants and mining giant BHP Billiton.

Australian shares have opened lower, dragged down by falls in the energy sector following a steep drop in oil prices at the end of last week.

The Australian dollar is almost unchanged from where it finished Friday's local session, after a mixed session on metals markets and the major Wall Street stock indexes finishing slightly lower.

Oil prices fell more than $US2 per barrel on Friday as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest since 2014.

Gold prices dropped slightly on Friday, but still remained above $US1,300 per ounce as investors digested news of US President Donald Trump saying a meeting with North Korea's leader could still go ahead.

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The Australian share market has closed flat, with a lack of domestic and international news leaving investors with little to direct their activity.

A Queensland court has ordered the freezing of hundreds of millions of dollars of Clive Palmer's assets.

The Australian share market has opened lower, weighed down by falls in energy stocks, and concerns over the cancellation of the US-North Korea summit.

The Australian dollar is slightly higher despite falls on Wall Street, which were sparked by the cancellation of the US-North Korea Summit.

Oil prices fell about $US1 on Thursday, with expectations building that reduced supplies from Venezuela and Iran could prompt OPEC to wind down output cuts in place since the start of 2017.

Gold prices surged on Thursday, propelled above $US1,300 per ounce as the US dollar faded after US President Donald Trump called off a summit with North Korea, stoking political tensions.

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The Australian share market has closed slightly higher as weakness among the banks, miners and energy companies was offset by gains by retailers and industrial stocks.

The Australian share market is slightly lower amid weaker base metals prices and further falls for the big four banks.

The Australian dollar is higher after Wall Street made modest gains as it appear less likely the US Federal Reserve will increase the pace of its interest rate hikes this year.

Oil benchmarks fell on Wednesday after an unexpected build in US crude and gasoline inventories despite strong demand, and as traders weighed a possible increase in OPEC crude output to cover any shortfalls in supply from Iran and Venezuela.

Gold prices rose on Wednesday as the US dollar backed off its highs against a basket of currencies while investors interpreted minutes from the US Federal Reserve's latest policy meeting as dovish.

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The Australian share market has closed slightly lower as energy shares tumbled after Santos rejected a $US10.9 billion takeover offer.

The Australian market has opened fractionally higher as gains in base metal prices lifted the big miners and US President Donald Trump's trade war comments spooked Wall Street investors.

The Australian dollar is slightly lower after Wall Street fell, weighed down by comments from US President Donald Trump about the US-China trade talks.

Brent crude prices settled slightly higher on Tuesday after a volatile session in which potential supply concerns surrounding Venezuela and Iran jockeyed with comments from President Donald Trump, who said he was not pleased with US-China trade talks.

Gold prices have steadied just above their lowest point for the year as the US dollar fell from a five-month high, although risk appetite in the broader financial markets kept the metal's gains in check.

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The Australian market share has posted its largest daily fall in seven weeks due to weakness for Telstra, the major banks and mining giants.

Australian shares have opened lower, shrugging off improvements seen on most global markets overnight including strong gains on Wall Street. 

The Australian dollar is higher, after US stocks, oil and copper prices gained ground overnight.

US crude hit its highest level since 2014 on Monday amid rising concerns that Venezuela's oil output could fall further following the country's presidential election and potential sanctions on the OPEC-member nation.