Gold prices dipped on Tuesday as investors anxiously awaited news on the next head of the US Federal Reserve, while strong share markets and a calmer geopolitical environment sapped safe-haven demand.
Oil prices rose more than one per cent on Tuesday after top exporter Saudi Arabia said it was determined to end a supply glut, while prices also drew support from forecasts of a further drop in US crude inventories as well as nervousness over tensions in Iraqi Kurdistan.
The share market overcame a soft start to end the day slightly higher as strength among miners and utility companies offset weakness for the energy producers.
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The Australian share market has opened higher following a solid rise on Wall Street amid optimism that US president Donald Trump's tax plan is moving closer to execution.
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The Australian dollar has slipped against its US counterpart which has strengthened on increased optimism for US president Donald Trump's tax reform plan after the US Senate approved a budget blueprint.
Oil prices have risen slightly in see-saw trade, ending the week up on support from a sharp decline in Iraqi crude exports due to tensions in the Kurdistan region after contending with weak demand data.
Gold prices have fallen after the US Senate approved a budget blueprint that paves the way for tax cuts, causing stocks, the dollar and bond yields to rise.
The Australian share market index has closed at its highest level since May this year as the improved potential for US tax cuts and a turnaround in iron ore futures lifted sentiment.
The Australian share market has started lower with a dip in oil prices weighing on the local energy sector, as Wall Street closed flat after a dip in technology shares.
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The share market has for a second consecutive day fallen back after breaking through 5,900 points, as significant falls by the big miners almost outweighed gains in most other market sectors.
The Australian share market has opened higher, with weakness in mining stocks tempering strength in financials and a strong lead-in from a record overnight close on Wall Street.
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Oil prices settled slightly higher on Wednesday, with Brent touching three-week highs and then retreating after a surprising drop in U.S. refining rates and an unexpected build in fuel stocks signaled slower demand in the world's top oil consumer.
Gold fell for a third straight session on Wednesday on pressure from the U.S. dollar's gains for much of the session and amid speculation that the next chair of the Federal Reserve could be a policy hawk.
Australians shares have started marginally higher, as investors tread cautiously following falls in mining stocks and news that Rio Tinto has been charged with fraud.
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Oil prices ended little changed on Tuesday, steadying after earlier gains and losses, as expectations of high US production and exports offset concerns that fighting between Iraqi and Kurdish forces could threaten the country's crude output.
Gold prices fell to a one-week low on Tuesday on speculation that the eventual successor to US Federal Reserve Chair Janet Yellen will favour higher interest rates.
The Australian share market has opened higher following the lead from Wall Street, where major stock indices rose overnight, with the local market now at its highest level since May.
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Crude prices have risen one per cent as Iraqi forces entered the oil-rich city of Kirkuk, seizing territory from Kurdish fighters and briefly cutting some crude output from OPEC's second-largest producer.
