Oil prices have slumped up to nearly eight per cent to the lowest in more than a year, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output.
US stocks have closed lower in a shortened post-holiday trading session as the energy sector tumbled on continued weakness in oil prices, and the benchmark S&P 500 confirmed its second correction of 2018.
Junior gold miner Echo Resources has appointed former Eastern Goldfields chief executive Victor Rajasooriar as its new leader, effective today, after former chief executive Simon Coxhell resigned in October.
Oil prices rose about $US1 a barrel a barrel overnight, bouncing from the lowest levels in months, after US government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.
The S&P 500 ended higher after a brutal two-day sell-off, led by a rebound in energy and technology shares, but the market faltered toward the session's end as Apple shares surrendered gains ahead of the Thanksgiving holiday.
Perth-based Steve Willis has been appointed acting chief executive of Millennium Services Group after his predecessor, Craig Hanley, became the sixth director to leave the national security and cleaning company over the past two months.