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Oil prices have tumbled five per cent as the extension of output curbs by OPEC and other producing countries disappoints investors who had hoped for larger cuts, leading to the biggest daily percentage slide in crude prices since early March.
Oil prices have retreated slightly as investors reacted to a smaller-than-expected US petrol stocks draw as they awaited the outcome of discussions in Vienna between OPEC and other oil-exporting countries on whether to extend output cuts.
Bankrupt former coal baron Nathan Tinkler and two of his closest business allies have been banned from managing a company for at least three years for their roles in the collapse of several businesses.
Gold has extended its biggest weekly gain in five weeks as the US dollar falls against the euro, while US political turmoil fuells demand for bullion as a safe-haven and reduces expectations of rapid Federal Reserve interest rate rises.
Oil prices have risen as growing confidence that top exporters will agree to extend supply curbs this week and speculation that the cuts could be deepened further have pushed prices to their highest levels in more than a month.
Shares in Vocus Communications fell almost 30 per cent following the telecom operator's second profit warning in six months, as management grapple with a raft of problems following its rapid expansion.