Oil prices have gained ground, shaking off the effects of a strengthening dollar, after an inventory report showed US crude and petrol stocks fell more than expected.
Australian shares have opened slightly higher, shrugging off a fall on Wall Street overnight, helped by overnight gains in oil prices and a lift in mining stocks as the Aussie dollar falls
The Australian dollar is lower after US stocks fell almost one per cent, amid worries about US-China trade relations and the release of disappointing US retail spending figures.
Oil prices settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that US sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.
Gold slid more than one per cent on Tuesday, falling for a third day to hit its lowest this year as a rise in US borrowing costs pushed up the US dollar and overshadowed the impact of strife in Gaza.
Oil prices rose on Monday as OPEC reported that the global oil glut has been virtually eliminated, while US crude's discount to global benchmark Brent widened to more than $7, its deepest in five m
The Australian share market has closed higher, with gains in the resource and healthcare sectors overshadowing a hefty fall in Telstra shares to an almost seven-year low.
Seven Group Holdings has upgraded its full-year earnings guidance, after the company said it was performing above expectations due to strength in the mining industry and east coast infrastructure a
Crude prices fell in a see-saw session on Friday, retreating after early gains as it looked likely that US allies would push to maintain a deal with Iran, which could keep that country's crude exports on global markets.
Gold prices were flat on Friday, as the US dollar weakened and investors grew a bit less confident about prospects that the Federal Reserve would raise interest rates three more times in 2018.
Nine months after leaving advertising agency Marketforce to run the Western Australian operations of Kerry Stokes' Seven West Media, which publishes The West Australian, John Driscoll has
The Australian share market softened in late trade to finish the day in the red but ended the week around one per cent stronger, as big resource players benefit from soaring oil prices and sustained strength in iron ore.
