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The Australian share market has hit a fresh decade-high as Asian markets collectively shrugged their shoulders in response to the start of US President Donald Trump's tariffs on $US34 billion worth of Chinese imports.

Australian shares have opened higher on Friday, following a positive lead from Wall Street and ignoring the uncertainty thrown into global trade calculations from looming US tariffs on Chinese imports.

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Wall Street's major indexes have risen as reports the US and the European Union may agree to withdraw auto tariffs fostered optimism on international trade relations among investors.

Oil fell on Thursday after US government data showed an unexpected build in crude oil stockpiles.

Financial stocks continue to seesaw on the Australian share market, which closed in the green despite a tough day for the major miners.

The Australian share market has opened higher, despite the materials sector being dragged lower by lower commodity prices.

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Brent oil has risen, driven higher by a threat from an Iranian commander and a drop in US crude inventories for the second week in a row.

Gold has touched a one-week high, extending the prior session's rebound from a seven-month low, helped by a softer US dollar and smouldering trade policy tensions, though the prospect of the Federal Reserve raising interest rates further may limit gains.

Australian shares have closed lower, hurt by falls in banking and energy stocks on concerns about heightened trade tensions between the US and China.

The Australian share market has opened lower following a slide on Wall Street overnight, with financial and tech-related stocks dragging the headline index lower.

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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.

Gold prices have recovered from a near seven-month low and platinum bounced from close to a 10-year low as the dollar eased.

Australian shares have finished stronger, with gains in financial, energy and health care stocks outweighing losses in the mining sector.

The Australian share market has opened higher following overnight gains on Wall Street, despite weakness among the major miners.

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.

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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.

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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.

The Australian share market has opened flat despite gains from the miners on the last trading day of the financial year.

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The Australian dollar has bounced back and is higher against the greenback, after trading at its lowest level in around 18 months on Thursday.

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 share market has broken a four-day losing streak and ended the day higher, with energy and materials stocks leading the gains.