Wall Street dipped on Tuesday, weighed down by Apple, Facebook and other technology stocks, in a trading session that ended early ahead of the US July 4 holiday.
Crude prices ended the overnight session slightly higher after a volatile day in which the US benchmark passed $US75 a barrel for the first time in more than three years before turning negative and later recouping its losses.
Oil futures have fallen as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid escalating trade disputes with the United States.
Wall Street has ended higher after a choppy session, with gains in Apple and other technology stocks offsetting worries about an escalating trade war between Washington and its trading partners.
Gold has slipped more than one per cent to its lowest in 6-1/2 months ahead of a US holiday, and platinum headed to its lowest in nearly 10 years as the greenback strengthened and an ongoing US-European Union trade spat pressured precious metals.
Australian shares have lost ground on the first day of the new financial year as weakness in Asian markets, courtesy of weaker-than-expected Chinese manufacturing data, flowed into local sentiment.
Oil prices have dipped amid escalating trade disputes between the United States and other major economies, although crude markets remained tight due to supply disruptions, high demand, and the looming US sanctions against Iran.
The Australian share market has ended the final trading day of the financial year on a sour note after a late afternoon sell-off, as energy stocks fell despite soaring oil prices and healthcare and financial stocks retreated.
Oil prices have climbed with US crude hitting a three-and-a-half year high, bolstered by supply concerns due to US sanctions that could cause a large drop in crude exports from Iran.
US stocks have risen as technology and other growth sectors rebounded from the prior day's declines and financial shares snapped a 13-day losing streak.
The Australian dollar is lower against the greenback after a moderation in the Trump administration's approach to Chinese investment spurred the US dollar to rally against most major currencies.
Oil prices have jumped as plunging US crude stockpiles compound supply worries in a market already uncertain about Libyan exports, a production disruption in Canada and Washington's demands that im
Australian shares have closed flat on Wednesday, with gains for energy and material stocks not doing enough to overcome losses elsewhere on the market.
The Australian dollar has fallen below 74 US cents amid a rebound in the US dollar as trade tensions continue and investors focus on hopes of Federal Reserve rate rises.
Crude futures have jumped more than two per cent and US oil topped $US70 for the first time in two months as Washington pushed allies to halt imports of Iranian crude, which would constrain global supplies.
Gold has hit its lowest in more than six months as a selloff in global risk assets eased and the precious metal remained under pressure from the prospect that rising US interest rates will further support the dollar.
Falls across the energy, resource and health care sectors pushed the Australian share market into the red on Tuesday, amid increasing investor fears of a global trade war.
BHP and joint-venture partner Vale have reached a framework agreement with Brazilian prosecutors to negotiate settlement of a $A55.35 billion claim relating to the fatal 2015 Samarco mine disaster.
