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Oil prices have risen as key US refineries began restarts following Hurricane Harvey, which may help revive crude oil processing, while fuel prices fell as Hurricane Irma is likely to clip demand for petrol and diesel.
Gold prices have fallen more than one per cent from the previous session's 13-month high as relief that North Korea did not conduct a missile test over the weekend helped to lift global stocks, the US dollar and bond yields.
The Australian dollar is sharply higher against its US counterpart and well above the 80 US cent mark after European Central Bank commentary failed to announce any tapering of its bond-purchasing program.
Despite a good start to the session, the Australian share market has closed steady as investors worry about the possibility of another North Korean missile test on Saturday, the anniversary of the country's founding.
UPDATED: Lisa Scaffidi has stood down from her duties as Perth's lord mayor, pending an appeal against her 18-month disqualification from holding office for repeatedly failing to disclose gifts and travel, but plans to retain the title and her annual allowance.
Mines Minister Bill Johnston has been criticised for holding a scientific inquiry to decide the future of fracking in the state, with the industry saying it's unnecessary and creates damaging uncertainty.
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.