Oil prices have risen for a sixth straight day, with Brent crude rising above $US50 for the first time in six weeks as the world's biggest producers prepared to discuss a possible freeze in production levels.
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Pankaj and Radhika Oswal are close to settling their legal battle with ANZ Banking Group, but are unlikely to end up with the $1.5 billion to $2.5 billion they wanted.
The Australian dollar is slightly lower despite a weaker greenback following signals from the US central bank that its in no hurry to raise interest rates.
Gold has steadied, after moving in both directions following the release of minutes from the US Federal Reserve's July meeting, which showed the central bank's policymakers expected an interest rate hike soon but were still awaiting more data.
Oil's rally has extended for a fifth day, helped by a weaker US dollar and an unexpected drawdown in US crude and petrol but traders said the runup may not last, pointing to galloping Saudi output and technical factors.
The share market has closed flat as big losses by QBE Insurance, CSL and Commonwealth Bank were offset by gains among big miners and some financial stocks.
Western Australia is catching up with South Australia and the Northern Territory in introducing a container deposit scheme for drink cans and bottles, likely from mid-2018.
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.
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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.
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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.
