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Oil prices are up about two per cent amid choppy trading supported by a slight recovery on Wall Street, even as concerns remained about weakening global economic growth which could hurt demand for oil.

Gold has risen to its highest level in over six months as weak factory activity data in Europe and Asia compounded concerns of a global economic slowdown and weighed on stock markets, increasing the precious metal's appeal.

Early gains for supermarket stocks haven't stopped the Australian share market dipping to a fresh two-year low, with the bourse mirroring a Wall Street tumble following the US Federal Reserve rate hike.

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Oil prices rose overnight, recovering somewhat from a sharp selloff during the previous session, after US data showed strong demand for refined products.

Gold prices fell overnight, giving up earlier gains, after the US Federal Reserve raised interest rates and noted that "some" further gradual rate hikes would be needed next year.

Global traders have fled growth assets like copper and oil for the safety of gold, punishing Australian energy stocks while lifting fuel-dependent airlines and gold miners.

Australian shares have edged lower in early trade as an overnight oil price slump sends energy stocks plummeting.

Oil plunge hammers shares

Gold firmed near a one-week high as investors cast doubts over the pace of interest rate hikes next year by the US Federal Reserve which kicked off its two-day meeting earlier in the day.

Oil prices tumbled more than five per cent overnight, falling for the third straight session as the market grappled with reports that US supply would continue to surge even if demand weakens as global growth deteriorates, which many expect.

The benchmark S&P 500 stock index has ended little changed in a choppy trading session on Tuesday as the possibility of a partial US government shutdown raised investor jitters ahead of a highly anticipated meeting of the Federal Reserve.

Losses across the board dragged the Australian share market lower, with energy stocks weighing the heaviest amid looming interest rate hikes in the US and tumbling oil prices.

Australian shares have tumbled amid wider global uncertainty, diving into the red during a bleak open to the session.

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Oil prices fell about one per cent overnight on signs of oversupply in the United States and as investor sentiment remained under pressure from concern over global economic growth and fuel demand.

Wall Street's major indices have slid more than two per cent, with the benchmark S&P 500 closing at its lowest level in 14 months, on concerns of slowing economic growth before a decision from the Federal Reserve this week on the course of interest rate hikes.

Gold has risen as a slide in the US dollar makes bullion more attractive for holders of other currencies, while some investors have taken cover as stocks globally slipped into the red ahead of the US Federal Reserve's two-day policy meeting.

The state government has selected former Rio Tinto boss and current Mitsui & Co director Sam Walsh as the new chair of Perth Mint operator Gold Corporation.

The Australian share market has closed higher after an afternoon rally led by the materials sector.

Australian shares are flat at the start of a new trading week with early losses for the big banks cancelling out gains for mining and utilities stocks.

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Wall Street's three major indexes tumbled and the Dow confirmed a correction as weak data from China and Europe stoked fears of a global economic slowdown.

Oil prices have dropped about two per cent, weighed down by falling US stock markets, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.

Gold has fallen to its lowest in over a week and was on track to mark its biggest weekly decline in more than a month, as the dollar climbed on robust US economic data ahead of a US Federal Reserve meeting next week.

The Australian share market lost more than one per cent, with financial stocks weighing heavily as renewed fears about a global growth slowdown gripped investors pessimistic about dour economic data from China.

Australian shares are down at the open, with the heavyweight financial sector dragging and supermarkets Coles and Woolworths also losing ground.

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Oil prices climbed one per cent overnight after data showed inventory declines in the United States and as investors began to expect that the global oil market could have a deficit sooner than they had previously thought.

Gold eased to its lowest level in nearly one week overnight as the dollar rose and investors latched on to gains in global stocks, while palladium touched record highs on expectations of higher demand for the auto-catalyst metal.

Banking and mining stocks have lifted the Australian share market higher, but gains were limited by a slump from the telco sector after the competition watchdog raised concerns over TPG's planned merger with Vodafone Australia.

Perron Group has announced key board appointments after the passing of its founder Stan Perron and disclosed the “greater majority” of its $4 billion in net assets will be donated to charity.