Oil has settled up nearly two per cent, hitting five-week highs for a second straight day as sources at OPEC spoke of Saudi Arabia's desire for higher crude prices while Russia met the producer group to discuss the market.
Gold has cut its gains after mixed US economic data failed to give clarity on the prospects for a US interest rate rise this year and the US dollar pared losses from a seven-week low.
The Australian dollar is lower against its US counterpart after the greenback strengthened following earlier losses and the Reserve Bank minutes failed to give clear direction.
BHP calls end of the price routBHP Billiton has committed to growing cash flow and has declared commodity prices have stopped falling, after slashing its
The Australian share market has closed slightly lower as investors put aside a positive lead from record-setting US markets to digest local company earnings results.
Oil prices have hit five-week highs, gaining 10 per cent or more in a three-day rally as speculation intensified over potential producer action to support prices amid a crude glut.
Farmers hit back at sale restrictionsThe National Farmers Federation warns that changing foreign investment rules in recent government decisions threatens
Gold has turned slightly lower as the US dollar pared losses, with investors grabbing profits after the metal jumped more than one per cent following unexpectedly flat US retail sales data.
Oil has risen two per cent, clinching its biggest weekly gains since April, after a short covering rally was triggered by comments from Saudi Arabia's oil minister in the previous session about possible action to help stabilize the market.
The share market has closed only modestly higher, despite US markets hitting record levels overnight, weighed down by weakness from market heavyweights Westpac and Telstra.
The Australian dollar has slipped against the greenback on rising expectations that US interest rates will go up later this year, and ahead of key Chinese and US data.
Oil prices have jumped the most in a month rising more than four per cent after comments from the Saudi oil minister about possible action to stabilize prices triggered a round of buying and the International Energy Agency forecast crude markets would tighten in the second half of 2016.
Owners of Alinta set sights on new floatAlinta could be back in public ownership within six months, with its private equity owners now favouring a $3 bill
Gold has eased below $US1,350 an ounce as the dollar rises, and the Dow and S&P 500 touch record intraday highs, though uncertainty over the outlook for US monetary policy prevented further losses for the metal.
