AAP

The Australian share market has continued on its downward path, with banks and retail-focused shares weighing despite a bounce in the energy sector.

Oil prices have surged four per cent, with Brent briefly touching $US50 a barrel for the first time in two weeks, after a surprisingly huge drawdown in US crude stocks as Gulf Coast imports slumped to a record low.

The Australian dollar has slipped more than half a US cent against the greenback after the US dollar rebounded against a basket of currencies.

Gold has fallen after the European Central Bank held its key interest rate at a record low but refrained from adding new stimulus as some investors had expected.

The share market has closed moderately lower due to falls by the big banks and miners on a day with little news to influence investors.

A proposed solar farm near Cervantes has been allocated $5.5 million worth of grants by Australia's federal renewable agency.

Diversified miner South32 chief executive Graham Kerr earned $4.1 million in 2015-16, but lost more than a third of his short-term incentives due to fatal workplace accidents.

Westpac has refunded $20 million to about 820,000 customers after failing to clearly disclose which credit card transactions attract foreign transaction fees.

The Australian share market has opened opened lower.

The Australian dollar is steady against the US dollar as investors await more local and international data, plus comments from the Reserve Bank of Australia Governor designate Philip Lowe.

US crude prices have soared nearly three per cent in post settlement trading after US inventory data showed what might be the largest weekly stock draw in more than three decades.

Gold has dipped, losing momentum due to profit-taking after it soared by the most in over two months in the previous session on economic data that weakened the case for an imminent US rate hike.

The share market has closed higher following a strong lead from Wall Street and encouraging local economic growth.

Rey Resources has withdrawn its application for environmental approval for a controversial coal project in WA's remote Kimberley region.

The Western Force have appointed former assistant David Wessels as senior coach for the next two Super Rugby seasons, while skipper Matt Hodgson is on the verge of re-signing.

Western Australia's potato industry no longer faces heavy regulation after the state government passed legislation to remove 70-year-old restrictions.

The Australian share market has opened slightly higher.

Gold prices have risen nearly two per cent, the biggest percentage gain since June, as disappointing US economic data reinforced speculation the Federal Reserve will not raise interest rates at its September policy meeting.

Global benchmark Brent crude has fallen more than half a per cent as hopes wane for an agreement between two of the biggest oil producers to freeze output to tackle a global supply glut.

The Australian dollar has risen on the back of disappointing US services data and market expectations of strong local GDP figures.

The Australian share market lost further ground in afternoon trading, hurt by falls across financial, telecom and resource companies as the Reserve Bank of Australia left interest rates unchanged.

An accountant who stole more than $2.1 million from his employers and gambled it all away has been jailed in Western Australia for six years.

The Reserve Bank of Australia is content to sit back and assess the impacts of its two rate cuts this year.

Three former McDonald's executives and a Sydney-based private equity firm have taken control of Pizza Hut in Australia.

JB Hi-Fi has responded to renewed media speculation by saying that it is continuing acquisition discussions with whitegoods retailer The Good Guys but nothing has been finalised.

The Australian share market has opened lower.

The Australian dollar is slightly lower as currency markets were relatively stable overnight.

Crude oil futures has touched a one-week high before paring gains after top producers Russia and Saudi Arabia confirmed they had agreed to co-operate on stabilising the oil market, and raised hopes of limiting output in the future.

Gold has held steady, close to a one-week high touched in the previous session, as the US dollar dipped on receding expectations of an imminent interest rate rise but the yellow metal's gains were capped by stronger global stocks.

The Australian share market has made some solid gains as the prospect of an interest rate hike in the US in September was pared back following some weaker-than-expected US jobs figures on Friday night.

The Reserve Bank is likely to hold its benchmark interest rate steady at its meeting tomorrow, with the main focus set to be on potential signals of future moves.

Woolworths has pressed on with cutting ties with Masters by replacing its directors on the failed hardware chain's board with staff from insolvency firm KordaMentha.