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Oil prices have dipped in see-saw trade, hitting their highest in more than two years and then retreating after weekly US government inventory data showed the latest crude stock draw was not as big as an industry trade group had reported.
Gold prices fell on Tuesday as the US dollar was firm for much of the session and precious metals investors turned cautious ahead of central bank meetings this week, US payrolls data and the announcement of the next US Federal Reserve chair.
Oil prices settled higher again, notching a monthly gain of more than five per cent, but analysts said bullish sentiment that has driven Brent crude to its highest in more than two years could encourage US producers to export more oil.
Brent oil has closed at its highest level since July 2015 and US crude has closed at a peak not seen since February on expectations OPEC-led production cuts would be extended beyond March, although such gains are likely to spur more US production.
Labor has met broad opposition to its call for independent reviews of all future trade deals, with Trade Minister Steve Ciobo saying there are already multiple checks in place and a key union vowing to campaign against to the opposition plan.
Oil prices have jumped about two per cent, with global benchmark Brent crude rising above $US60 per barrel, on support among the world's top producers for extending a deal to rein in output and as the dollar retreated from three-month peaks.
The share market has fallen on fears the Turnbull government could lose its one-seat majority following the High Court's ruling disqualifying Barnaby Joyce from parliament because of his dual-citizenship.
Andrew Forrest has detailed how he plans to build "the most popular rugby competition in the world", with the mining billionaire hoping to obtain approval from both World Rugby and the Australian Rugby Union in the next three weeks.