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The Australian share market lost ground on a day of low trading volumes as investors hold fire ahead of the imminent G7 meeting in Canada.

The Australian share market is lower after upbeat sentiment on Wall Street and Europe's key share markets dried up and investors await a key G7 meeting that starts tonight (AEST).

The Australian dollar is lower against a weakened US dollar and the other major currencies, while market risk sentiment has flipped from upbeat to downbeat when Wall Street opened with no obvious reason.

Global benchmark Brent crude has surged nearly $US2 a barrel, lifted by concern about a steep drop in exports from Venezuela and worries OPEC may not raise production at its June meeting.

US dollar weakness has helped boost gold prices, but gains were limited as the market awaited clues from next week's meeting of the Federal Reserve on the pace of US interest rate rises.

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Australian shares have closed higher for the second consecutive day, with broad-based gains led by the miners and supported by the energy and financial sectors.

The Australian share market is higher after comfortable rises on most key markets in the US and Europe and price gains for copper and iron ore.

The Australian dollar has crept higher, extending its post-gross domestic product rally against a defensive US counterpart.

Oil prices have fallen on worries that global supply is climbing after US inventories rose unexpectedly and Saudi Arabia and other big producers signaled that they may increase output.

Gold prices have stayed steady, see-sawing in a narrow range as a weaker US dollar and trade tensions provide support but investor anticipation of a US rate hike next week weighs on prices.

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Higher prices for iron ore and oil and stronger-than-expected economic growth figures have helped boost the Australian share market and Australian dollar.

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Australian shares have opened comfortably higher after mainly positive finishes on global markets in the offshore session.

The Australian dollar is down against its US counterpart which has enjoyed a rally as more strong US economic data prompts positive sentiment.

The Australian dollar is down against its US counterpart which has enjoyed a rally as more strong US economic data prompts positive sentiment.

Brent crude have reversed losses, after hitting its lowest price in nearly a month following a report the US government asked Saudi Arabia and other major exporters to increase oil output.

Gold prices have risen as the US dollar has retreated slightly from close to a six-month high even as strong US economic data sealed the case for the US Federal Reserve to increase interest rates.

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The Australian share market has been hit by falls in the heavyweight energy and mining sectors caused by weaker commodity prices.

The Australian share market has opened lower, led by falls across the energy and materials sectors and bucking the trend of market gains internationally.

The Australian dollar has continued to climb against its US counterpart after positive retail sales figures boost the local currency and as the US dollar index falls.

Oil prices have fallen about two per cent, with US crude touching its lowest level in nearly two months, breaking below technical support levels as investors keep selling amid growing US production, possible global supply growth and nagging trade tensions.

US stocks rose on Monday led by gains in technology shares and Friday's robust jobs data, which gave investors heightened confidence that the US economy remained strong.

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The Australian share market has closed lower as most sectors lost ground, led by banking, telco and energy stocks.

The Australian share market has opened lower, with the banking and energy sectors leading the losses, after Wall Street fell amid fears of a global trade war.