US oil fell nearly two per cent, despite a larger-than-expected decline in US crude inventories, while global benchmark Brent was little changed, pushing the spread between the two to its widest in more than three years.
US stocks have fallen after the US moved to impose tariffs on metal imports from Canada, Mexico and the European Union, prompting retaliatory measures from some of its trading partners.
The Australian share market has finished higher after energy stocks rallied on stronger oil prices and local retailers gained on news Amazon will block Australian consumers from buying products from its overseas sites.
An animal welfare group has been granted access to Fremantle harbour to observe livestock loading in a move that has been criticized by industry groups.
The Australian dollar is three-quarters of a US cent higher after US stocks rose more than one per cent, amid hopes there might be a solution to the Italian political crisis.
Gold prices edged higher on Wednesday as the US dollar wilted after data showed the US economy slowed slightly more than initially expected in the first quarter while political uncertainty lingered in Italy.
Oil prices surged on Wednesday, shrugging off an unexpected build in US crude stockpiles and rebounding from a four-day slump as Russia's central bank expressed caution on plans to boost oil supply.
The Australian share market fell below 6,000 points to a one-month low on Wednesday, with financial stocks slumping under investor concerns about possible economic fallout from Italy's political uncertainty.
US crude futures fell more than $US1 on Tuesday on worries that Saudi Arabia and Russia will pump more crude to boost supplies after more than a year of reducing worldwide inventories.
The Australian share market is flat, with gains in financial stocks and BHP Billiton offsetting losses across other resource companies with little direction from overseas with the US and UK closed.
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.
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.
