Crude futures have reversed course, falling more than one per cent after US data showed petrol inventories rose unexpectedly last week, overshadowing a bullish drawdown in crude.
The S&P 500 and Nasdaq declined as the possibility of more US tariffs on Chinese imports loomed, while tech stocks stumbled, led by chipmakers and concerns about increased regulation of social media companies.
The Nasdaq has fallen more than 1.0 per cent, dented by technology stocks after Facebook and Twitter executives defended their companies before sceptical US lawmakers.
Oil prices fell more than one per cent after a US Gulf storm weakened and moved away from oil-producing areas and concerns mounted about global trade disputes and Turkey's currency crisis hurting demand.
State final demand lifted 0.2 per cent in Western Australia in the June quarter, while national GDP growth hit its fastest level in more than 5 years at 3.4 per cent in the 12 months to June.
The Australian share market closed lower on Wednesday, dragged down by a slump in the heavyweight mining sector as worries about a possible escalation of trade tensions hit commodity prices.
US stocks have fallen as trade concerns lingered and declines in Facebook and Nike shares weighed on Wall Street's major indexes, though data showing US manufacturing activity accelerated in August kept losses in check.
Oil prices were little changed as energy infrastructure on the US Gulf Coast braced for a hurricane, but gains were capped as a stronger dollar and report of rising stockpiles at the Cushing, Oklahoma hub weighed.
Treasury secretary Phil Gaetjens has said policies to improve labour productivity would be critical if Australia was to continue its record run of growth, while hitting back at claims about growing inequality.
Reserve Bank Governor Philip Lowe says wages growth has finally "picked up a little" as the central bank left the cash rate unchanged at 1.5 per cent for the 25th month in a row.
Oil prices have risen, supported by concerns that falling Iranian output will tighten markets once US sanctions bite from November, but gains were limited by higher supply from OPEC and the United States.
Gold prices eased slightly after the US dollar held near a one-week high on worries over an escalation in trade conflicts between the United States and other countries.
Oil prices have slipped, pressured by renewed concerns that a global trade war could dent energy demand, although impending US sanctions on Iran and falling Venezuelan output limited the decline.
The S&P 500 ended flat on Friday while the Dow edged down and the Nasdaq closed higher in light trading as Canada and the US concluded trade talks without resolution ahead of the Labor Day weekend.
Oil prices rose on Thursday to the highest in more than a month, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in US inventories.
The chief executive of a West Australian shire acted corruptly when he ensured his partner became the strategic planning manager and increased her salary by $24,000 over four years, a report has revealed.
US stocks have extended their rally with the S&P 500 and the Nasdaq hitting record highs for the fourth straight session as technology companies pushed indexes higher and promising trade negotiations stoked investor sentiment.
Oil prices have risen more than one per cent, with Brent at its highest in seven weeks and US crude touching a three-week peak, supported by a drawdown in US crude and petrol stocks and reduced Iranian crude shipments as US sanctions deter buyers.
Attorney-General Christian Porter has ruled out running for the seat of Curtin if Julie Bishop decides to quit, saying the marginal seat of Pearce is his community.
Opposition leader Bill Shorten has promised Western Australia a legislated floor in GST payments, saying Labor is on a unity ticket with the Coalition to deliver a fairer carve-up.
Oil prices have slipped as some investors take profits on recent strong gains, but losses were limited the day after a US-Mexico trade agreement eased worries about tensions between the two countries.
US stock indexes have risen, with the benchmark S&P 500 and the Nasdaq indexes hitting fresh all-time highs, as a trade agreement between the United States and Mexico calmed fears of a global trade war.
