Crude oil prices rose and gasoline fell by about three per cent on Tuesday as the gradual restart of refineries in the US Gulf that were shut by Hurricane Harvey raised demand for crude and eased fears of a fuel supply crunch.
The Australian share market has overcome a poor start to close slightly higher, helped by a late rally in bank stocks and support for the miners on the back of recent improvements in commodity prices.
The Australian market has opened lower, following the negative lead of international bourses with investors unnerved by North Korea's nuclear missile test.
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Brent crude prices have fallen while US crude oil prices have edged higher and petrol prices have slumped to pre-Hurricane Harvey levels, as oil refineries and pipelines in the US Gulf Coast slowly resumed activity, easing supply concerns.
The Australian dollar has slipped against its US counterpart, which also fell, but less so, as gold and defensive currencies fared better than equities and bonds amid quiet markets.
Gold prices have shot up to their highest levels in close to a year as investors bought safe-haven assets on worries that North Korea might launch more missiles after Sunday's nuclear test.
Gold has risen to its highest in nearly 10 months after US jobs growth slowed more than expected in August, but pared gains when investors judged that the figures were unlikely to change the outlook for US interest rate rises.
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The Australian dollar is higher against its US counterpart which itself has lifted against a basket of currencies despite disappointing key US jobs figures.
The Australian share market has closed slightly higher on Friday after strong gains on Thursday, with heavyweight Commonwealth Bank weighing on the index and blood products and vaccines giant CSL providing some lift.
Australian shares have opened higher, boosted by a strong overnight lead from Wall Street, with the local market currently on track to recover the week's losses.
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Petrol futures have surged more than 13 per cent, and crude oil has settled nearly 3 per cent higher, as almost a quarter of US refining capacity remained offline and traders scrambled to reroute millions of barrels of fuel.
Gold has steadied, as a stronger US dollar pushed the metal off Tuesday's nine-and-a-half-month high, but the precious metal remains above $US1,300 on renewed tensions between Washington and North Korea.
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Petrol futures have surged to a two-year high while crude oil was down, as flooding and damage from Tropical Storm Harvey shut nearly a quarter of US refinery capacity, curbing demand for crude while raising the risk of fuel shortages.
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The Australian share market has bounced back from its previous sessions' 10-week low and opened higher with investor nerves cooling after North Korea fired a missile over Japan.
The Australian dollar is a little higher against its US counterpart which rebounded as markets reversed their risk averse response to North Korea's missile firing over Japan..
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US petrol futures have jumped four per cent while crude prices are mixed after a hurricane shut down 16 per cent of the country's refining capacity, curbing fuel production and further bloating crude inventories.
Gold has jumped to its highest since November, extending the prior day's rally above $US1,300 per ounce as investors bought bullion as insurance against falling prices of other assets after North Korea tested a ballistic missile over Japan.
