Oil prices rose more than two per cent as US sanctions squeezed Iranian crude exports and after US crude oil production in 2019 was forecast to grow at a slower rate than previously expected, prompting supply concerns.
US stocks have started the day with little change as gains in technology stocks helped the Nasdaq regain footing and curbed losses in the materials and industrials sectors after fears of an escalation in the Sino-US trade spat.
Prime Minister Scott Morrison has guaranteed his government will deliver the GST distribution solution promised under Malcolm Turnbull's leadership before the next election, and will even consider legislation if necessary.
Wall Street's major indexes have fallen as US President Donald Trump raised the possibility of additional tariffs on Chinese imports and Apple Inc indicated that some of its products could be subjected to such levies.
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.